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Screen Cr-5 - Credits - Forms 8881, 8882, 8932, 8941, and 8994 (1065)
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Form 8881 - Credit Small Emp Pension Plan Startup Costs
Qualified startup costs
Enter the qualified pension plan startup costs for each activity on a separate screen. Don't enter more than $1,000 total for all activities. Form 8881 includes the sum of all units and transfers the net credit for small employer pension plan startup costs to Schedule K. The application reduces other deductions / expenses of the associating activity by the amount of credit the associating activity generated. 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
Ptr Alloc
on Tax credit adjustment not on books (Force)
in the M1M2
screen (for Schedule M-1 reconciling adjustments) or the M3-2
screen (for Schedule M-3 reconciling adjustments).Form 8882 - Credit Employer-Provided Childcare Facilities
Qualified childcare facility expenditures paid or incurred / Qualified childcare resource and referral expenditures paid or incurred
Enter the qualified expenditures paid or incurred for each activity on a separate screen. Form 8882 includes the sum of all units and transfers the net credit for employer-provided childcare facilities and services to Schedule K.
Form 8882 credit to reduce other deductions / expenses (Force)
The application reduces other deductions / expenses 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 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
The application allocates the tax credit adjustment to the partners using the profit percentages. To allocate the tax credit adjustment to partners using ratios use ratios that are different from the profit-sharing percentages, select
Ptr Alloc
on Tax credit adjustment not on books (Force)
in the M1M2
screen (for Schedule M-1 reconciling adjustments) or the M3-2
screen (for Schedule M-3 reconciling adjustments).Form 8932 - Credit for Employer Differential Wage Payments
Use the
CrCO-OP
screen in the Credits
folder to enter credit for employer differential wage payments from cooperatives.Eligible differential wage payments paid during the tax year
Enter eligible wages for each activity on a separate screen. Form 8882 includes the sum of all units and transfers the net credit for employer differential wage payments to Schedule K.
Form 8932 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 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
Ptr Alloc
on Tax credit adjustment not on books (Force)
in the M1M2
screen (for Schedule M-1 reconciling adjustments) or the M3-2
screen (for Schedule M-3 reconciling adjustments).Form 8941 - Cr Small Employer Health Insurance Premiums
Use the
CrGen-2
screen and the CrCO-OP
screen in the Credits
folder to enter general information such as the marketplace identifier and to enter credit for small employer health insurance premiums from cooperatives.Enter information for the credit for each activity on a separate screen. The application sums the amounts for all units when calculating the small employer health insurance premiums credit. The credit is optimized based on hours, days, and weeks worked and the highest of the calculated credit amounts transfer to Form 8941. From Form 8941, the small employer health insurance premiums credit transfers to Schedule K and reduces the associating activity expenses by the amount of credit the associating activity generated. 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
Ptr Alloc
on Tax credit adjustment not on books (Force)
in the M1M2
screen (for Schedule M-1 reconciling adjustments) or the M3-2
screen (for Schedule M-3 reconciling adjustments).Employee and insurance information
Use the statement to enter the employee name (for tracking purposes only); select the type of insurance coverage; select the state and county of employment; enter the wages paid; enter the hours, days, and weeks worked; enter the percent of the total premiums the employer paid for each employee; enter the weeks enrolled in insurance coverage; and indicate if the employee is a seasonal employee. The application uses the information to automatically complete the Average Premium for Small Group column, according to the table in the Form 8941 instructions.
note
- The application ignores information entered in the statement for this field if there's data in any of the Force calculation fields in this screen.
- The number of individuals employed who are employees for the purpose of this credit for Form 8941, line 1 is the number of employees entered in this statement (including seasonal employees). Therefore, include all qualifying employees even if an employee has no insurance coverage.
- The number of employees for whom premiums were paid during the tax year for health insurance coverage under a qualifying arrangement for Form 8941, line 13 is the number of employees entered in this statement (including seasonal employees) with code1or2selected in theType of Insurancecolumn.
Force calculation
Use these fields to enter information if you already know the amounts to report on Form 8941. The application limits the credit for the employee and wage limitations, as needed. However, the application won't optimize the credit and won't complete the Credit for Small Employer Health Insurance Premium Optimization or the Credit for Small Employer Health Insurance Premium Worksheet (Pages 1 through 4).
note
The application ignores information entered in the statement for
Employee and insurance information
if there's data in any of the Force calculation fields.Form 8994 – Employer Cr Paid Family and Medical Leave
Use the
CrGen-2
screen in the Credits
folder to answer questions for Form 8994.Qualifying employee and paid family and medical leave information
Enter employee information for each activity on a separate screen. Form 8994 includes the sum of all units and transfers the net credit for paid family and medical leave to Schedule K.
A nonsubmittable statement prints combining data from the attached statement for all activities for the partnership’s records as indicated in the Form 8994 instructions. If the partnership is keeping their own records, data is only required in the Paid Leave Wages and Percentage Under Employer’s Policy column to calculate the employer credit for paid family and medical leave.
Form 8994 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 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
Ptr Alloc
on Tax credit adjustment not on books (Force)
in the M1M2
screen (for Schedule M-1 reconciling adjustments) or the M3-2
screen (for Schedule M-3 reconciling adjustments).