New Edit Income Tax Details - Tax Credit tab - Field Descriptions

Use the table below for reference when completing the fields on this screen.

Fields

Descriptions

Tax credits

Select a tax credit type. The additional fields that display will vary based on your selection in this field.

Exemptions 1-10

These fields display if one of the 'Amount' types is selected. Use these fields to specify the number of exemptions that will be used in the overall calculations of the tax due.

Tax credit percentage

Enter the percent amount of tax credit.

Minimum annual tax credit

This field displays if one of the 'Percent' types is selected. Enter the minimum tax credit, which Spectrum calculates based on the percentage entered.This amount is compared to the minimum tax credit entered here. If the tax credit computed by the system is less than the minimum tax credit, the minimum tax credit is used for the deduction.

Maximum annual tax credit

This field displays if one of the 'Percent' types is selected. Enter the maximum tax credit, which is compared to the tax credit calculated by Spectrum. If the tax credit computed by the system is greater than the maximum tax credit, the maximum tax credit is used for the calculation. If the maximum is zero, no computation is done.