Instructions For Form 1120-H - 2009 (Page 5 of 5) in pdf

production of gross income to be

for eligible qualified property or eligible

unless the form displays a valid OMB

deductible in computing the unrelated

extension property. If the association

control number. Books or records relating

taxable income.

makes the election, include the amount

to a form or its instructions must be

from line 19c of Form 3800 in the total for

retained as long as their contents may

Line 21. Tax credits. The association

line 23g. Enter ÷Refundable credit from

become material in the administration of

may qualify for the following tax credits:

•

Form 3800

next to the entry space for

any Internal Revenue law. Generally, tax

Foreign tax credit (Form 1118).

•

line 23g.

returns and return information are

Qualified electric vehicle credit (Form

confidential, as required by section 6103.

8834).

Backup withholding. If the association

•

General business credit (Form 3800).

had income tax withheld from any

The time needed to complete and file

payments it received because, for

this form will vary depending on individual

Note. Homeowners associations cannot

example, it failed to give the payer its

circumstances. The estimated average

claim the investment credit.

correct EIN, include the amount withheld

time is:

Enter the total applicable credits on

in the total for line 23g. This type of

line 21 and attach the appropriate form(s).

withholding is called backup withholding.

Recordkeeping . . . . . . . . .

11 hr., 57 min.

Line 22. Total tax. If the association

Show the amount withheld in the blank

Learning about the law or

must recapture any low-income housing

the form . . . . . . . . . . . . . .

5 hr., 19 min.

space in the right-hand column between

credit, qualified electric vehicle credit, or

Preparing the form . . . . . . .

13 hr., 12 min.

lines 22 and 23g, and write “Backup

new markets credit, include the amount of

Copying, assembling, and

Withholding.”

the recapture in the total for line 22. To

sending the form to

Privacy Act and Paperwork Reduction

the right of the entry space, write “LIHTC,”

the IRS . . . . . . . . . . . . . . .

2 hr., 9 min.

Act Notice. We ask for the information

“QEV,” or “NMTC,” “recapture,” and the

If you have comments concerning the

on this form to carry out the Internal

amount. For details, see Form 8611,

accuracy of these time estimates or

Revenue laws of the United States. You

Recapture of Low-Income Housing Credit;

suggestions for making this form simpler,

are required to give us the information.

Regulations section 1.30-1 (regarding the

we would be happy to hear from you. You

We need it to ensure that you are

qualified electric vehicle credit); or Form

can write to the Internal Revenue Service,

complying with these laws and to allow us

8874, New Markets Credit.

Tax Products Coordinating Committee,

to figure and collect the right amount of

Line 23g. Total payments. Add the

SE:W:CAR:MP:T:T:SP, 1111 Constitution

tax. Section 6109 requires return

amounts on lines 23c through 23f and

Ave. NW, IR-6526, Washington, DC

preparers to provide their identifying

enter the total on line 23g.

20224. Do not send the tax form to this

numbers on the return.

Refundable credit from Form 3800. A

office. Instead, see Where To File on

You are not required to provide the

homeowners association can elect to

page 3.

information requested on a form that is

claim an additional research tax credit

subject to the Paperwork Reduction Act

instead of claiming any additional

first-year special depreciation allowance

-5-

Instructions for Form 1120-H

Instructions For Form 1120-H - 2009 Page 5

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