Schedule U-IC: Member’s Individual Credits (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Schedule U-IC reports a member corporation’s credits used against its excise, including its own credits and credits from other members. It lists credits subject to a 50% limitation, Massachusetts research credits, other credits, and pass-through entity withholding.
What you'll need
Have the following information ready for the 2024 Schedule U-IC:
- The member’s Schedule U-ST, line 37, for the total excise used to determine the credit limitation.
- The member’s name, Federal Identification number and tax type: financial institution or business corporation.
- The principal reporting corporation’s name and Federal Identification number.
- The taxable period and the end date of the group’s tax year.
- Amounts of the member’s own credits and other members’ credits being used against the member’s excise, separated into the categories shown on the form.
- Pass-through entity withholding and the payer identification number for line 13.
How to file
The 2024 form requires electronic filing. Paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. The form points to Massachusetts DOR’s electronic filing and payment requirements for more information. It also refers to TIRs 16-9 and 21-9.
Common mistakes
- Submitting a paper return: The form warns that this return must be filed electronically and that paper versions will not be accepted.
Questions people ask
Where does the amount for line 1 come from?
Use this member’s Schedule U-ST, line 37. This is the member’s total excise used to determine the credit limitation.
Which credits are listed under the 50% limitation heading?
The form lists BRWFLD, EDIPCR, EOACC, INVTAX, VACSTR and VANPOL credits in this category. Lines 2 and 3 separate the member’s own credits from other members’ credits used by this member. Combine those amounts on line 4.
Where do I report Massachusetts research credits?
Report the member’s own section 38M credits used against its own excise on line 5, and other members’ section 38M credits used by this member on line 6. Combine them on line 7.
How are the credit totals summarized?
Line 11 combines lines 2, 5 and 8 for the member’s own credits used against excise. Line 12 combines lines 3, 6 and 9 for credits from other members used against this corporation’s excise.
Where do I enter pass-through entity withholding?
Enter it on line 13, which also asks for the payer identification number.