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Common questions about general business credits in Lacerte

SOLVEDby Intuit16Updated 1 month ago

Below are solutions to frequently asked questions about entering Form 3800, General Business Credits.

For tax year 2023, Form 3800 is undergoing a major IRS rewrite that expands the form to 8 pages. This form is still in development, pending a future release. Form 1120S and 1065 filers that require Form 3800 may want to consider filing extensions.

Where do I enter carryovers from other years?

To enter passive activity credit carryovers:

  1. Go to Screen 34, General Business and Vehicle Credits.
  2. Select the Form the carryovers should be linked to.
  3. Scroll down to the Prior Year Unallowed Credits section.
  4. If the credit is listed here, enter the amount in the appropriate field. Otherwise, scroll to the Other Passive Credit Carryovers section and select the Credit type from the list.

To enter business credit carryforwards and carrybacks:

  1. Go to Screen 34, General Business and Vehicle Credits.
  2. Click on the Carryovers/Misc. Info link at the top left of your screen.
  3. Scroll down to the Business Credit Carryforwards and Carrybacks (3800) section.
  4. Select the Credit Type (Ctrl+T).
  5. Enter the carryforward or carryback amount in the appropriate column.

Where do I enter general business credits for an individual return?

Most general business credits can be entered directly and aggregated from passthrough K-1 inputs. To find input sources for a particular credit:

  1. Go to the Forms tab.
  2. Open Form 3800 and scroll to page 3.
  3. Locate the line for the credit you need.
  4. Right-click in the amount column of that line.
  5. Select Jump-to-input.

After you enter the credits on Screen 28.1, you'll need to manually reduce your basis on Screen 21, Depreciation.

Enter the amount of the reduction using the Basis reduction (amortizable costs expensed, ITC, etc.) fields found under the Federal Depreciation and Regular Depreciation sections.

You can create a statement outside of the program and save it as a PDF to attach to the e-file return in the Electronic Filing screen. Refer to the Instructions for Form 3800 for more information about attaching statements for credits.

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