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How to generate Form 8611 in ProConnect Tax

SOLVEDby IntuitUpdated 1 month ago

This article will assist you with generating Form 8611, Recapture of Low Income Housing Credit, in the Corporate and Individual returns.

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.

New for tax year 2023:

  • Pre-filing registration requirement. If you intend to make an elective payment election and/or a transfer election on Form 3800, you must complete a pre-filing registration before you file your tax return.
  • Elective payment election. Beginning with tax year 2023, certain applicable entities and electing taxpayers can elect to treat certain IRA 2022 business credits as elective payments. Certain eligible taxpayers can elect to treat CHIPS 2022 credits as elective payments. Any overpayments may result in refunds.
  • Transferring credits. Taxpayers may make an election to transfer all or a portion of certain IRA 2022 credits.
  • See IRS instructions for 3800 for more information.

To generate Form 8611 in the Corporate return:

  1. From the Input Return tab, go to Credits General Business Credits (3800) Low Income Housing Credit.
  2. Enter the Kind of building.
  3. Enter Address of BuildingStreetCity, State, and ZIP Code. 
  4. Enter Building identification number.
    • This must be 9 letters or numbers.
  5. Enter the Date placed in service.
  6. Enter any other applicable information in this section.
  7. Scroll down to the Recapture of Low Income Housing Credit (8611) section.
  8. Enter the dollar amounts in any of the applicable fields: 
    • Credits reported in prior years
    • Credits attributable to additions to qualified basis
    • Recaptures from prior years
    • Recapture amount from flow-through entity

To generate Form 8611 in the Individual return:

  1. From the Input Return tab, go to Credits General Business and Vehicle Cr. 
  2. Go to the Low Incoming Housing tab at the top of the input screen. 
  3. Scroll down to the Recapture of Low-Income Housing Credit (8611) section.
  4. Enter the applicable information.

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