Page 164 - BusinessStructures & Forms

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The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
The corporation should provide the information • New clean renewable energy bond credit (Form 8912). The
TIP necessary for the shareholder to determine whether the amount of this credit (excluding any credits from partnerships,
corporation is an eligible small business under section estates, and trusts) is reported as interest income on line 4 of
38(c)(5)(A). If the shareholder and the corporation meet the Schedule K. In addition, the amount of this credit is reported as a
requirements of section 38(c)(5)(A), the research credit may be property distribution on line 16d of Schedule K.
treated as a specified credit. • Qualified energy conservation bond credit (Form 8912). The
amount of this credit (excluding any credits from partnerships,
Credit for employer social security and Medicare taxes estates, and trusts) is reported as interest income on line 4 of
paid on certain employee tips (code N). Complete Form Schedule K. In addition, the amount of this credit is reported as a
8846 to figure the credit. Attach it to Form 1120-S. property distribution on line 16d of Schedule K.
• Qualified zone academy bond credit (for bonds issued after
Backup withholding (code O). This credit is for backup October 3, 2008) (Form 8912). The amount of this credit
withholding on dividends, interest, and other types of income of
the corporation. (excluding any credits from partnerships, estates, and trusts) is
reported as interest income on line 4 of Schedule K. In addition,
Other credits (code P). Attach a statement to Form 1120-S the amount of this credit is reported as a property distribution on
that identifies the type and amount of any other credits not line 16d of Schedule K.
reported elsewhere. Complete the credit form identified below • Qualified school construction bond credit (Form 8912). The
and attach it to Form 1120-S. amount of this credit (excluding any credits from partnerships,
• Unused investment credit from the qualifying advanced coal estates, and trusts) is reported as interest income on line 4 of
project credit, qualifying gasification project credit, qualifying Schedule K. In addition, the amount of this credit is reported as a
advanced energy project credit, or advanced manufacturing property distribution on line 16d of Schedule K.
investment credit allocated from cooperatives. • Build America bond credit (Form 8912). The amount of this
• Unused investment credit from the rehabilitation credit or credit (excluding any credits from partnerships, estates, and
energy credit allocated from cooperatives. trusts) is reported as interest income on line 4 of Schedule K. In
• Employee retention credit for employers affected by qualified addition, the amount of this credit is reported as a property
disasters (Form 5884-A), if applicable. distribution on line 16d of Schedule K.
• Advanced manufacturing production credit (Form 7207). • Mine rescue team training credit (Form 8923), if applicable.
• Orphan drug credit (Form 8820). • Credit for employer differential wage payments (Form 8932).
• Renewable electricity production credit (Form 8835), if • Carbon oxide sequestration credit (Form 8933).
applicable. Attach a statement to Form 1120-S and • Qualified plug-in electric drive motor vehicle credit (including
Schedule K-1 showing the allocation of the credit for production qualified two-wheeled plug-in electric vehicles and new clean
during the 4-year period beginning on the date the facility was vehicles)(Form 8936).
placed in service and for production after that period. Also report • Qualified commercial clean vehicle credit (Form 8936-A) for
separately on an attached statement the amount of any clean vehicles acquired after 2022.
hydrogen production credit. • Credit for small employer health insurance premiums (Form
• Indian employment credit (Form 8845), if applicable. 8941).
• Biodiesel, renewable diesel, or sustainable aviation fuels • Employer credit for paid family and medical leave (Form
credit (Form 8864). Include any amount from line 9 of Form 8864 8994).
in the corporation's income on line 5 of Form 1120-S. If this
credit includes the small agri-biodiesel producer credit, identify Schedule K-1. Enter in box 13 of Schedule K-1 each
on a statement attached to Schedule K-1 (a) the small shareholder's pro rata share of the credits listed above. See
agri-biodiesel producer credit included in the total credit additional Schedule K-1 reporting information provided in the
instructions above. Enter the applicable code, H through P, in
allocated to the shareholder, (b) the number of gallons for which
the corporation claimed the small agri-biodiesel producer credit, the column to the left of the dollar amount entry space.
and (c) the corporation's productive capacity for agri-biodiesel. If you are reporting each shareholder's pro rata share of only
Also report separately on an attached statement the amount of one type of credit under code P, enter the code with an asterisk
any sustainable aviation fuel credit. (P*) and the dollar amount in the entry space in box 13 and
• New markets credit (Form 8874). attach a statement that shows “Box 13, code P” and the type of
• Credit for small employer pension plan startup costs and credit. If you are reporting multiple types of credit under code P,
auto-enrollment (Form 8881). enter the code with an asterisk (P*) and enter “STMT” in the
• Credit for employer-provided childcare facilities and services entry space in box 13 and attach a statement that shows “Box
(Form 8882). 13, code P” and the dollar amount of each type of credit. If the
• Low sulfur diesel fuel production credit (Form 8896). corporation has credits from more than one activity, identify on
• Qualified railroad track maintenance credit (Form 8900). an attachment to Schedule K-1 the amount of each type of credit
• Credit for oil and gas production from marginal wells (Form for each separate activity. See Passive Activity Reporting
8904), if applicable. Requirements, earlier.
• Distilled spirits credit (Form 8906).
• Energy efficient home credit (Form 8908). International Transactions
• Alternative motor vehicle credit (Form 8910), if applicable. Check the box on line 14 if you are reporting items of
• Alternative fuel vehicle refueling property credit (Form 8911). international tax relevance. See the Instructions for
• Clean renewable energy bond credit (Form 8912). The Schedule K-2 (Form 1120-S) to determine if you need to attach
amount of this credit (excluding any credits from partnerships, Schedules K-2 and K-3. If you satisfy the domestic filing
estates, and trusts) is reported as interest income on line 4 of exception to filing Schedule K-3, you must provide notification to
Schedule K. In addition, the amount of this credit is reported on the shareholder either through an attachment to the
line 17d of Schedule K. Schedule K-1, or a separate statement prior to filing the Form
• Qualified zone academy bond credit (for bonds issued before 1120-S. If you satisfy an exception to filing Schedule K-2 (Form
October 4, 2008) (Form 8912). The amount of this credit is 1120-S), you may also attach a statement to the Form 1120-S
reported as interest income on line 4 of Schedule K. In addition, that states “Qualified for exception to filing Schedule K-2.”
the amount of this credit is reported on line 17d of Schedule K.

-34- Instructions for Form 1120-S (2022)