How to enter an override for corporate Form 4255 in Lacerte

What's new for tax year 2024: The IRS has made some changes for tax year 2024. See more here. These include Notification of recapture when a transfer election is made, emission tier recapture for clean hydrogen production facility and instruction changes for Part I.

Form 4255 will be generated automatically based on entries in other screens. See Generating Form 4255 in Lacerte for more information.

For tax year 2023 and prior you could override the amount shown on line 20. Starting in tax year 2024 this override is no longer available.

To show a specific amount on Line 20 of Form 4255, follow these steps:

1. Go to Screen 35.1, Additional Taxes.
2. Scroll to the Recapture of ITC subsection.
3. Select the icon to expand the input window and enter an amount in the field Form 4255 [O].

Note: Due to the use of an override to force the specific amount, Form 4255 won't generate as part of the return.