Reporting tax and fuel credits on Form 4136 in Lacerte

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:

1. Go to Screen 36, Fuel Tax Credit (4136).
2. For tax year 2024 and newer, complete the Section for: Statement Supporting Fuel Tax Credit (FTC) Computation -1.
3. From the Sections, select the applicable credit.
4. Complete the required information.

For Corporate 1120 filers:

1. Go to Screen 29, Fuel Tax Credit (4136).
2. From the Sections, select the applicable credit.
3. 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."

For Exempt Org 990-T filers:

1. Go to Screen 45, Fuel Tax Credit (4136).
2. From the Sections, select the applicable credit.
3. Complete the required information.