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Completing Form 4626 in 1120C package

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📊 Step-by-Step Guide

Step 1: Check the small corporation exemption

Use this when you need to confirm whether Form 4626 should be included.

Refer to the IRS instructions to determine if the corporation qualifies for the small corporation exemption.

Step 2: If the corporation qualifies, select the checkbox

Use this when the exemption applies.

If the corporation qualifies for the small corporation exemption, select the checkbox at the top of this form and the form will not be included in the return.

Step 3: If the corporation does not qualify, complete the remainder of the form

Use this when the exemption does not apply.

If the corporation does not qualify for the exemption, complete the remainder of the form.

Step 4: Review all calculated lines and any overrides

Use this to ensure the return is accurate.

Based on information in the return, most lines are calculated for you. You should review all lines for possible additions and for any other entries you may wish to override.

Step 5: Link to the ACE Worksheet from line 4a

Use this when you need to see how line 4a is calculated.

From line 4a you can link to the Adjusted Current Earnings (ACE) Worksheet. The result from that worksheet will calculate to this line.

Step 6: Enter an amount on line 4d

Use this to avoid missing required entries.

You must enter an amount on line 4d, even if line 4b is positive.

Tags: federal,form