- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Film tax credit GA
Thanks in advance for helping.
MR
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Film tax credit GA
The tax credit gets entered into the the step-by-step under Georgia Business and K-1 Credits. Credit Code 122, company name is the movie company, no certificate #, 100% owner, Federal EIN No and Credit Amount. You will receive a red error/warning message about K-1s, which you can ignore. The first time I did this, the credit did not flow through to Part III "Total 2015 credits after all prior year carryforwards and tax liability limitations", but did show up in Part IV 2015 Pass Through Credits. If not, TurboTax support told me to delete my GA state return and re-add it. That fixed the problem and the credit flowed through to Form 500.
You will need to include IT-TRANS -- that you should have received when you bought the credits -- with your GA tax return.
On the Federal level you need to treat it as a short-term capital gains. This eventually shows up on Form 8949 "Sales and other Dispositions of Capital Assets". Part I (C) Short-term transactions not reported to you on Form 1099-B. I entered "GA Film Tax Credit Purchase and Sale" arbitrarily as the description.
DISCLAIMER - I am NOT an accountant. I spent 2 hours -- mostly on hold -- with TurboTax to figure this out and just happened to come across the bit about recording it as capital gains on the internet.
Good luck.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Film tax credit GA
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Film tax credit GA
The tax credit gets entered into the the step-by-step under Georgia Business and K-1 Credits. Credit Code 122, company name is the movie company, no certificate #, 100% owner, Federal EIN No and Credit Amount. You will receive a red error/warning message about K-1s, which you can ignore. The first time I did this, the credit did not flow through to Part III "Total 2015 credits after all prior year carryforwards and tax liability limitations", but did show up in Part IV 2015 Pass Through Credits. If not, TurboTax support told me to delete my GA state return and re-add it. That fixed the problem and the credit flowed through to Form 500.
You will need to include IT-TRANS -- that you should have received when you bought the credits -- with your GA tax return.
On the Federal level you need to treat it as a short-term capital gains. This eventually shows up on Form 8949 "Sales and other Dispositions of Capital Assets". Part I (C) Short-term transactions not reported to you on Form 1099-B. I entered "GA Film Tax Credit Purchase and Sale" arbitrarily as the description.
DISCLAIMER - I am NOT an accountant. I spent 2 hours -- mostly on hold -- with TurboTax to figure this out and just happened to come across the bit about recording it as capital gains on the internet.
Good luck.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Film tax credit GA
I'll note that in your answer above you don't mention entering the amount of the credit used as taxes paid in your federal return - that is separate from entering the credit on your state return and reporting the gain on your federal return. That's the question I was asking you the other day. Anyway, take a look at my linked question/answer. It may be of help to you.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Film tax credit GA
The tax credit gets entered into the the step-by-step under Georgia Business and K-1 Credits. Credit Code 122, company name is the movie company, no certificate #, 100% owner, Federal EIN No and Credit Amount. You will receive a red error/warning message about K-1s, which you can ignore. The first time I did this, the credit did not flow through to Part III "Total 2015 credits after all prior year carryforwards and tax liability limitations", but did show up in Part IV 2015 Pass Through Credits. If not, TurboTax support told me to delete my GA state return and re-add it. That fixed the problem and the credit flowed through to Form 500.
You will need to include IT-TRANS -- that you should have received when you bought the credits -- with your GA tax return.
On the Federal level you need to treat it as a short-term capital gains. This eventually shows up on Form 8949 "Sales and other Dispositions of Capital Assets". Part I (C) Short-term transactions not reported to you on Form 1099-B. I entered "GA Film Tax Credit Purchase and Sale" arbitrarily as the description.
DISCLAIMER - I am NOT an accountant. I spent 2 hours -- mostly on hold -- with TurboTax to figure this out and just happened to come across the bit about recording it as capital gains on the internet.
Good luck.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Film tax credit GA
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Film tax credit GA
skirudder3 Your post has been extremely helpful -- thank you! Do you recall what date you entered for 'date sold' on your federal return (for short-term transactions not reported on Form 1099-B)? Perhaps April 15?
Still have questions?
Or browse the Forums