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How to enter Form 6478 biofuel producer credit in Lacerte

SOLVEDby Intuit2Updated 1 month ago

This article will assist you with entering information for Form 6478 in the Corporate and Individual modules of Lacerte.

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.

Follow these steps to input the information in the Corporate module:

  1. Go to Screen 28, General Business Credits (3800).
  2. Select Biofuel Producer Credit (6478) from the lower left sections menu.
  3. Enter the applicable information.
  4. 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:

  1. Go to Screen 16, Schedule K-1.
  2. Select Credits in the lower left sections menu.
  3. 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:

  1. Go to Screen 34, General Bus. & Passive Act. Credits.
  2. Scroll down to the Biofuel Producer Credit (6478).
  3. Enter the Gallons of second generation biofuel sold or used after 1/02/2021.
  4. Enter any other applicable fields.

Follow these steps to input the credit if from a passthrough K-1:

  1. Go to Screen 20, Passthrough K-1's.
  2. Select Partnership Information from the left navigation menu.
  3. Scroll down to Line 15 - Credits and Withholding.
  4. Under K-1 Code, select I - Biofuel producer credit.
  5. Enter the Amount of Credit.

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