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How to enter Form 6478 biofuel producer credit in Lacerte
by Intuit• Updated 4 months ago
This article will assist you with entering information for Form 6478 in the Corporate and Individual modules of Lacerte.
Table of contents:
Follow these steps to input the information in the Corporate module:
- Go to Screen 28, General Business Credits (3800).
- From the Sections list, select Biofuel Producer Credit (6478).
- Enter the applicable information.
- Go to Forms to view Form 6478, Biofuel Producer Credit.
- The allowable amount is calculated on Form 6478, Line 15.
- The amount on Line 15 flows to Form 3800, Page 3, Line 29c.
- The credit allowed for the current year is calculated on Form 3800, Page 3, Line 32.
- For corporations, the allowable credit carries to Form 1120, Schedule J, Line 5c.
Follow these steps to input the credit if from a passthrough K-1 into the corporate return:
- Go to Screen 16, Schedule K-1.
- Select Credits in the lower left sections menu.
- Enter the applicable amount in the Biofuel producer credit (15I) field, code 91.
- The amount will appear on Form 6478, Line 9.
- The allowable amount is calculated on Form 6478, Line 15.
- The amount on Line 15 flows to Form 3800, Page 3, Line 29c.
- The credit allowed for the current year is calculated on Form 3800, Page 3, Line 32.
- For corporations, the allowable credit carries to Form 1120, Schedule J, Line 5c.
Follow these steps to input the information in the Individual module:
- Go to Screen 34, General Bus. & Passive Act. Credits.
- From the Sections list, select Biofuel Producer Credit (6478).
- Enter the Gallons of second generation biofuel sold or used .
- Enter any other applicable fields.
Follow these steps to input the credit if from a partnership passthrough K-1 into the individual return:
- Go to Screen 20, Passthrough K-1's.
- Select Partnership Information from the left navigation menu.
- From the Sections list, select Line 15 - Credits and Withholding.
- Under K-1 Code, select I - Biofuel producer credit.
- Enter the Amount of Credit.
Follow these steps to input the credit if from a S-corporation passthrough K-1 into the individual return:
- Go to Screen 20, Passthrough K-1's.
- Select S Corporation Information from the left navigation menu.
- From the Sections list, select Line 13 - Credits and Withholding.
- Under K-1 Code, select I - Biofuel producer credit.
- Enter the Amount of Credit.
Follow these steps to input the credit if from a Estate or Trust passthrough K-1 into the individual return:
- Go to Screen 20, Passthrough K-1's.
- Select Estate or Trust Information from the left navigation menu.
- From the Sections list, select Line 13 - Credits.
- Under K-1 Code, select H - Biofuel producer credit.
- Enter the Amount of Credit.
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