Screen IA8864 - Iowa Biodiesel Blended Fuel Tax Credit (1040)

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Overview

Use this screen to calculate Form IA 8864, Biodiesel Blended Fuel Credit. UltraTax/1040-IA automatically transfers this information to Part II of the Form IA 148, Tax Credits Schedule using code
52
. Biodiesel Blended Fuel must be a minimum percentage of 5 percent biodiesel. Form IA 8864 is a multi-unit form.

General Information

Taxpayer or Spouse
Assign the credit to either the taxpayer or spouse. UltraTax CS defaults to taxpayer when no selection is made.
Credit from pass-through entity
Mark this box when the credit is from a pass-through entity. A separate unit must be used to report each credit received from a pass-through entity.
Total B5-B10 / B11 plus biodiesel fuel gallons sold in Iowa
Enter the total number of biodiesel fuel gallons sold in Iowa.

Pass-through Entity Credit

Enter entity information in this section for a credit received from a partnership, S Corporation, estate or trust. UltraTax/1040-IA automatically transfers the information entered here to Part IV of Form IA 148, Tax Credits Schedule. Each pass-through entity with a blended biodiesel tax credit must be entered separately on an additional unit.
Amount of credit
Enter the credit amount reported on the Iowa K-1.
Percent of ownership
Enter the percent of ownership reported on the Iowa K-1.

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