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Screen Cr - Credits - Forms 5884 (1065)
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Overview
Use this screen to enter information for Forms 5884, and to enter credit detail for credits not entered on the Cr through Cr-5 Screens. Information from this screen is separately reported by activity on the Partner’s Schedule K-1 Activity Worksheet. Therefore, enter data for this screen in the activity folder (Income & Deductions, Farm, etc.) to which the credit is related.
Other Credits
Other credits not entered elsewhere
Enter other credits not related to credits from a passthrough Schedule K-1 activity nor entered on the Cr, Cr-2, Cr-3, Cr-4, and Cr-5 Screens. The application reports this information on Schedule K and Schedule K-1 differently depending on the activity to which you entered it.
- Income & Deductions and Farm – reported on Schedule K, line 15f – Other credits and Schedule K-1, box 15, code P – Other credits
- Farm Rental - reported on Schedule K, line 15d – Other rental real estate credits and Schedule K-1, box 15, code F – Other rental real estate credits
- Rent & Royalty, based on the selection of the Type of property field
- Type 1 - Rental real estate- reported on Schedule K, line 15d – Other rental real estate credits and Schedule K-1, box 15, code F – Other rental real estate credits
- Type 2 - Other rental - reported on Schedule K, line 15e – Other rental credits and Schedule K-1, box 15, code G – Other rental credits
- Type 3 - Royalty - reported on Schedule K, line 15f – Other credits and Schedule K-1, box 15, code P – Other credits
Form 5884 - Work Opportunity Credit
Use the CrCO-OP Screen in the Credits folder to enter work opportunity credit from cooperatives.
Qualified first-year wages at least 120 hours but fewer than 400 hours / Qualified first-year wages at least 400 hours / Qualified second-year wages certified as long-term family assistance recipients
Enter qualified wages for Form 5884, Work Opportunity Credit for each activity on a separate screen. Form 5884 includes the sum of all units and transfers the net work opportunity credit to Schedule K.
Form 5884 credit to reduce salaries and wages / labor hired (Force)
The application reduces salaries and wages / labor hired of the associating activity by the amount of credit the associating activity generated. Enter an amount in this field, including 0 (zero), to use a different adjustment amount. The reduction is limited to the lesser of the amount you entered in this field or the maximum allowable credit. A Schedule M-1 or Schedule M-3 reconciling adjustment generates for the total amount of the tax credit adjustment from all activities.
note
To allocate the tax credit adjustment to partners using ratios different from the profit-sharing percentages, select the Ptr Alloc button on the Tax credit adjustment not on books (Force) field in the M1M2 Screen (for Schedule M-1 reconciling adjustments) or the M3-2 Screen (for Schedule M-3 reconciling adjustments).