ProConnect HelpIntuit HelpIntuit

Common questions on Form 8904, Marginal Well Production Credit in ProConnect Tax in tax year 2022 and prior

by ProConnect Tax Online Updated 2 months ago

What's new for tax year 2023: For Tax year 2023, Form 8904 has been phased out. See more here.

Common questions on Form 8904, Credit for Oil and Gas Production From Marginal Wells for tax year 2022 and prior:

Table of contents:

Where does the Marginal Well Production Credit flow on my client's return?

ProConnect Tax will carry the credit from Form 8904 to Form 3800, General Business Credits, where the allowable amount of credit for the current year may be limited. If any or all of the credit isn't allowed this year, you can verify on the General Info form that the credit will carryover to next year's return.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Where do I enter line 1 for qualified natural gas production (thousands of cubic feet)?

  1. Go to Input Return Credits General Business & Vehicle Cr.
  2. Select the Energy/Fuel Production tab.
  3. Scroll down to the Credit for Oil and Gas Production from Marginal Wells (8904) section.
  4. Enter the Qualified natural gas production (thousands of cubic feet) field.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Where do I enter line 7 credit for oil and gas production from marginal wells from partnerships and S corporations?

  1. Go to Input Return Credits General Business & Vehicle Cr.
  2. Select the Energy/Fuel Production tab.
  3. Scroll down to the Credit for Oil and Gas Production from Marginal Wells (8904) section.
  4. Enter the Credit amount per thousands of cubic feet (defaults to 0.67) [Override] field.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

ProConnect Tax

Sign in now for personalized help

Ask questions, get answers, and join our large community of Intuit Accountants users.

Dynamic AdsDynamic Ads