Form 8936 for S Corporations

[HM1984]

ProSeries instruction advises to find form 8936A to report clean vehicle credit. However, there is no such form available in S Corp module. What do we do?

[dkh]

Download form from IRS website, complete and attach as pdf to the 1120S return

[HM1984]

Is this really the only solution? Why wouldnt Proseries prof have this form for S corps? Just doesn't make sense to me that we have to go such a manual way for this. 

[TaxGuyBill]

---

@HM1984 wrote:

Why wouldnt Proseries prof have this form for S corps? Just doesn't make sense to me that we have to go such a manual way for this. 

---

It seems to me that Intuit is against the Inflation Reduction Act.  They don't have some of the vehicle forms and they still have Form 5695 screwed up.  It is either that or the development team is completely incompetent in regards to that law and the related energy tax forms. 

[LyndaTaylorCPA]

What is wrong with proseries?  are they just stupid?  Think all intuit cares about is turbo tax & have made no attempt to update - I need Form 8936 for an S Corporation.  Actually, need a new software company...

[HM1984]

I agree. I actually got CCH Axcess for this year and used both. Prices are similar and CCH has everything and all forms so something to consider and eventually switch over once you pass the learning curve and get efficiency. 

[Terry53029]

IRS instructions says s-corps can put on form 3800. No need to attach, or use form 8936.

From instructions form 8936. Link   https://www.irs.gov/instructions/i8936

The part of the credit attributable to business/investment use of a new clean vehicle is treated as a general business credit. Any part of the credit not attributable to business/investment use is treated as a personal credit.

Partnerships and S corporations must file this form to claim the credit. All other taxpayers are not required to complete or file this form if their only source for this credit is a partnership or S corporation. Instead, they can report this credit directly on line 1y in Part III of Form 3800, General Business Credit.

[Amit173]

Hi,

I am looking for a help with same topic can anyone please help - 

Can a S-Corp with 20k of Net income, claim EV Tax credit for Tesla purchased for Business?

If so, how do I claim the credit. I cant find form 8936 in Pro Series

Also Do I need to enter this information on 1120S to claim the Credit? if so where?

Thank you

[IntuitGabi]

Hi @Amit173. 
Check out this article to see if it can get you started: Filing Form 8936 and calculating plug-in electric drive vehicle credits in ProSeries 

[sjrcpa]

S Corporation tax credits pass through as separately stated items on K-1s. Hence no 8936 for S Corps.

And did you read the above post by Terry?

[Amit173]

Seriously Thanks sjrcpa, more I know the more ...

My questions is where and how do I report the credit on 1120S? 

and if there is income limit applicable for Scorp to claim this credit on s-corp return (looks like Form 8836 Part 1 MAGI does not apply to 1120S?). 

Hope someone can help, before filing is due 3/17 🙂

Thank you

[sjrcpa]

"S Corporation tax credits pass through as separately stated items on K-1s"

It is not claimed on the 1120S. How could it be since S Corps don't pay federal income tax?

Again, refer to Terry's post.

[Amit173]

Thank you, I understand the passthrough concept. But my question is / was - How do I claim this on K1? where in 1120 do I need to show this credit, so it can appear on K1?

[sjrcpa]

That I don't know since I don't use ProSeries. Is there input for Schedule K items?

But you asked the right question this time.