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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- How to manually adjust research credit Form 3800 on form 1040?
How to manually adjust research credit Form 3800 on form 1040?
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coralli
Level 2
08-26-2021
04:20 PM
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I received this error
"Form 6765 Credit May Need to be Limited
The amount of the research credit on Form 3800 may need to be limited to the amount of t ax attributable to the activity that generated the credit (Schedule C, Schedule K-1, etc). See the government instructions for Form 3800 , Page 3, line le and 4i for information on calculating the limitation. If a limitation is required , you must manually adjust the credit reported on Form 3800."
and do not know where I manually adjust it in ProSeries? Do I have to override it or where do I make the adjustment?
-It is form 1040 from a K-1 with research activity credit but no income (loss).
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1 Comment 1
PATAX
Level 15
08-26-2021
05:27 PM
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If the adjusted or corrected amount is lower than the original amount, maybe you can enter the adjusted amount where you entered the original amount, i.e. replace the original amount with the lower adjusted amount, and then whatever the difference is IF it is eligible to be carried over to next year then you can make note of this for next year...just my opinion...
