What is modified percentage?

Modified percentage is a decimal figure that represents the proportionate increase in the low-income portion of the building for each month of the current tax year over the low-income portion of the building at the close of the previous tax year.

What is increased qualified basis?

Increased qualified basis is the difference between the qualified basis of a building at the end of the current tax year and the beginning of the current tax year. It is figured by comparing the low-income portion of the building for each month of the current tax year to the low-income portion of the building at the close of the previous tax year.

What is Form 8609-A used for?

Form 8609-A is used to report the qualified basis of a low-income housing project that was placed in service during the tax year.

How do you calculate line 11 modification on Form 8609-A?

To calculate line 11 modification on Form 8609-A, first figure the increase in the low-income portion of the building for each month during the current tax year. Then add these amounts together and divide by 12 to get a decimal figure. Multiply this figure by two-thirds of the amount on line 5 of Form 8609-A.

Where do you enter the qualified basis of a building on Form 8609-A?

You enter the qualified basis of a building from line 3 of the previous year's Form 8609-A.

Form 8609-A

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Annual Statement for Low-Income Housing Credit

Rev. December 2008

This document outlines instructions for completing the Annual Statement for Low-Income Housing Credit (Form 8609-A) to be filed with a taxpayer's federal income tax return. The form includes sections related to eligible basis of building, low-income portion, qualified basis of low-income building, credit percentage, and credit calculation. Additionally, the document instructs on reporting part-year adjustments, additions to qualified basis, Section 42(f)(3)(B) modification, disallowed credit due to federal grants, credit allowed for building for the tax year, taxpayer's proportionate share of credit, and adjustments for deferred first-year credit. The form is specific to newly constructed or existing buildings and requires information on whether the original Form 8609 (or a copy thereof) is available.

Instructions

Form 8609-A Instructions - Instructions for Form 8609-A, Annual Statement for Low-Income Housing Credit

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FAQ

What is modified percentage?
Modified percentage is a decimal figure that represents the proportionate increase in the low-income portion of the building for each month of the current tax year over the low-income portion of the building at the close of the previous tax year.
What is increased qualified basis?
Increased qualified basis is the difference between the qualified basis of a building at the end of the current tax year and the beginning of the current tax year. It is figured by comparing the low-income portion of the building for each month of the current tax year to the low-income portion of the building at the close of the previous tax year.
What is Form 8609-A used for?
Form 8609-A is used to report the qualified basis of a low-income housing project that was placed in service during the tax year.
How do you calculate line 11 modification on Form 8609-A?
To calculate line 11 modification on Form 8609-A, first figure the increase in the low-income portion of the building for each month during the current tax year. Then add these amounts together and divide by 12 to get a decimal figure. Multiply this figure by two-thirds of the amount on line 5 of Form 8609-A.
Where do you enter the qualified basis of a building on Form 8609-A?
You enter the qualified basis of a building from line 3 of the previous year's Form 8609-A.

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Internal Revenue Service (IRS) Forms

Form 8609-A is one of the official tax forms used in the United States to report income, claim deductions and credits, calculate tax liability, and fulfill other tax-related obligations. The IRS is the federal agency responsible for administering and enforcing the internal revenue laws in the United States.

Here are some examples of Internal Revenue Service forms:

Form 1040: This is the primary individual income tax return form used by most taxpayers. It is used to report various types of income, claim deductions and credits, calculate tax liability, and determine whether a taxpayer owes additional tax or is entitled to a refund.

Form 1099: There are different variations of Form 1099, such as 1099-MISC, 1099-INT, 1099-DIV, etc. These forms are used to report income received by individuals or businesses from various sources other than employment, such as self-employment income, interest income, dividend income, and rental income.

Form W-2: This form is used by employers to report wages paid to employees and the taxes withheld from their pay. Employees use the information on Form W-2 to complete their individual tax returns.

Form 941: Employers use this form to report employment taxes, including federal income tax withheld, Social Security tax, and Medicare tax, for their employees.

Form 1065: This form is used by partnerships to report their income, deductions, and tax liability. Partnerships themselves do not pay income tax; instead, the partners report their share of partnership income on their individual tax returns.

Form 1120: This is the corporate income tax return form used by C corporations to report their income, deductions, and tax liability.

Form 990: This form is used by tax-exempt organizations, such as nonprofits and charities, to report their financial information, activities, and compliance with tax laws.

Form 8862: This form is used by taxpayers who previously claimed the Earned Income Tax Credit (EITC) but had it disallowed, and now want to claim it again.

These are just a few examples of the numerous IRS forms that exist to fulfill various tax-related obligations. The specific forms required for an individual or business depend on their unique circumstances, income sources, and deductions. It's advisable to consult the official website of the Internal Revenue Service (www.irs.gov) or seek professional tax advice to obtain accurate and up-to-date information regarding the specific IRS forms relevant to your tax situation.

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