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How to generate Form 8908 for a 1040 Lacerte

SOLVEDby Intuit13Updated 1 month ago

This article will assist you with generating Form 8908, Energy Efficient Home Credit, in the Individual module of Lacerte.

What's new for Form 8908 for tax year 2023:

  • Credit increase and modification. The Inflation Reduction Act of 2022 increased and modified the credit for certain homes sold or leased after 2022.

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What is Form 8908?

Form 8908, Energy Efficient Home Credit, allows eligible contractors to claim a credit for each qualified energy efficient home sold or leased to another person during the tax year for use as a residence. The credit ($2,000 or $1,000) is based on the energy saving requirements of the home. The credit is part of the general business credit (Form 3800).

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.

See the IRS Instructions for Form 8908 for more information.

How do I generate Form 8908 in the program?

To generate the Energy Efficient Home Credit (8908):

  1. Go to Screen 34, General Business & Vehicle Credits.
  2. Enter the Name of activity.
  3. Select the applicable Form (Ctrl+T) from the dropdown menu.
  4. Select the Activity name or number (Ctrl+T) from the dropdown menu.
  5. Scroll down to the Energy Efficient Home Credit (8908) section.
  6. Enter the Number of energy efficient homes sold during the tax year.
    • Per the F1 help: "Enter the number of energy efficient homes substantially completed after 8/8/2005 and sold during 2020. The homes must meet the 50% energy efficient standard. The program carries the entry to Form 8908, line 1a. The allowable credit per home is $2,000."
  7. Enter the Number of energy efficient manufactured homes sold during the tax year.
    • Per the F1 Help: "Enter the number of energy efficient manufactured homes substantially completed after 8/8/2005 and sold during 2020. The homes must meet the 30% energy efficient standard. The program carries the entry to Form 8908, line 2a. The allowable credit per home is $1,000."

How do I generate this credit if I received a partnership K-1 showing it?

  1. Go to Screen 20, Passthrough K-1's.
  2. Scroll down to the Line 15 - Credits and Withholding section.
  3. For the K-1 Code, choose P15 - Energy efficient home credit.
  4. Enter the Amount of Credit.

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