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Screen NMCR - New Mexico Non-refundable Credits (1040)
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Overview
Use this screen to complete Forms PIT-1 and PIT-1-CR. If information transferred from UltraTax/1040 does not require additional data or coding, UltraTax/1040-NM shows it on the forms only, not in the input screen.
note
A Credit Approval number or a Project number is now required to process Form PIT-CR. Please carefully review the data entered here to insure all items have the appropriate number.
Solar Market Development Tax Credit
Use this section to complete portions of Form PIT-1-CR.
note
Starting with the 2017 tax year, only carryovers are allowed for the Solar Market Development Tax Credit.
Carryover
The credit may be carried forward for 10 years. In the statement window, enter the year the original credit amount was approved by the EMNRD, the project number for each item, and the total amount previously used. These amounts will be proforma’d each year until they drop off in the 10th year.
If amounts have been proforma’d and there were multiple items in the original year of approval, you need to break out each item and enter the project number, the amount of credit approved, and the amount previously claimed for each project number.
The Total Available column displays automatically. UltraTax CS uses this information to complete RPD-41317, Page 2.
Name of contact / … / E-mail address
Use these fields the enter the contact information needed on Form RPD-41317, Solar Market Development Tax Credit.
Other Nonrefundable Non Carryover Credits
The credits in this section are non-carryover credits. They can be used only in the year they were awarded.
Electronic card reading equipment
Enter the Credit Approval Number and the total credit available from New Mexico Form RPD-41246. If there's more than 1 Credit Approval Number, enter each as a separate line item. UltraTax CS reports this amount on the PIT-CR and calculates the allowable amount of credit to be applied to the tax due on Form PIT-1.
Other Nonrefundable Carryover Credits
Use this section to complete portions of Form PIT-1-CR. Select the credit code from the dropdown list and enter total credit available from the appropriate form. If there's more than 1 Credit Approval number per credit code, enter each credit approval as a separate line item. UltraTax CS calculates the allowable amount of credit to be applied to the tax due on Form PIT-1.