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How to enter a solar energy credit for a Partnership or S-Corporation, Form 3468 in Lacerte

by Lacerte Tax 2023 Updated 2 months ago

What's new for Form 3468 for tax year 2023:

For tax year 2023 the IRS has redesigned Form 3468 to support the provisions created by the Inflation Reduction Act of 2022 (IRA) and the Creating Helpful Incentives to Produce Semiconductors Act of 2022 (CHIPS). See the What's New section here for more information.

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To generate the 3468 information in the Partnership return for tax year 2023 and newer:

  1. If depreciable, enter the asset in Screen 14, Depreciation (4562).
  2. From the Details tab, select Schedule K, then 20 Credits, then Investment Credit (3468) to open Screen 20.3.
  3. Complete Part 1 for each Facility or Property.
  4. Select Part VI Solar Energy Credits.
  5. Enter the amounts in the applicable field for basis of solar or energy property.

To generate the 3468 information in the S Corporation return for tax year 2023 and newer:

  1. If depreciable, enter the asset in Screen 16, Depreciation (4562).
  2. From the Details tab, select Schedule K, then 26 Credits, then Investment Credit (3468) to open Screen 26.7.
  3. Complete Part 1 for each Facility or Property.
  4. Select Part VI Solar Energy Credits.
  5. Enter the amounts in the applicable field for basis of solar or energy property.

Follow these steps to enter a solar energy credit in tax year 2022 and prior:

  1. If depreciable, enter the asset in Screen 16, Depreciation (4562).
  2. Go to the Investment Credits screen.
    • For S Corporation this is Screen 26, Credits.
    • For Partnership this is Screen 20.2
  3. Scroll to the Schedule K Credits > Investment Credit (3468) section.
  4. Scroll to the Energy Credit subsection.
  5. Enter the amounts in the applicable field for basis of solar or energy property.
Lacerte Tax

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