How to enter Form 8881 individual module for single member LLC

[aeh-cpa]

I have a single member LLC client reporting on a Schedule C.  Started a 401(k) plan for 20 employees.  How do I enter admin costs for the Form 8881 and where do I enter the cost reduction on the Schedule C?

Thank you.

[qbteachmt]

The IRS has instructions:

https://www.irs.gov/retirement-plans/retirement-plans-startup-costs-tax-credit

That includes the update for the SECURE Act, too.

[aeh-cpa]

Thank you but I was looking for specific information on how to enter the information into Lacerte for a Schedule C.  I entered the eligible costs in screen #34 Other General Business Credits but I don't see a specific field to enter the cost reduction in the Schedule C input.  Do I just subtract the credit amount from the Administrative and education costs field?

Thanks.

[qbteachmt]

Did you search for the Help articles:

https://proconnect.intuit.com/community/partnership/help/form-8881-credit-for-small-employer-pension...

https://proconnect.intuit.com/community/corporation/help/corporate-general-business-credits-frequent...

[qbteachmt]

Oh..."on how to enter the information into Lacerte for a Schedule C"

General business credits are pass-through. Make sure to read if you even need to use Form 8881, or perhaps only Form 3800. Read the instructions for where these report. And there are limitations and qualifications. It's not automatic.