
Reporting tax and fuel credits on Form 4136 in Lacerte
by Intuit• Updated 2 weeks ago
New for tax year 2024: To help you determine if you're qualified to claim any fuel tax credit (FTC) on Form 4136, 1040 filers must complete the new Statement Supporting Fuel Tax Credit (FTC) Computation - 1.
To generate Form 4136 on an Individual return:
- Go to Screen 36, Fuel Tax Credit (4136).
- For tax year 2024 and newer, complete the Section for: Statement Supporting Fuel Tax Credit (FTC) Computation -1.
- From the Sections, select the applicable credit.
- Complete the required information.
For Corporate 1120 filers:
- Go to Screen 29, Fuel Tax Credit (4136).
- From the Sections, select the applicable credit.
- Complete the required information.
- Lacerte doesn't automatically report back the income on Form 4136, Schedule M-1, Fuel Tax Credit.
- You can make this adjustment on Screen 39.1, Schedule M-1 (Book-Tax Adj.).
- The IRS Instructions for Form 4136, page 2 state:
- "Including the Fuel Tax Credit in Income
- You must include in your gross income the amount of the credit from line 17 if you took a deduction on your tax return that included the amount of the taxes and that deduction reduced your income tax liability. See Pub. 510."