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How to enter Form 6478 biofuel producer credit in Lacerte

by Lacerte Tax 2022 Updated 2 months ago

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

Table of contents:

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

  1. Go to Screen 28, General Business Credits (3800).
  2. From the Sections list, select Biofuel Producer Credit (6478).
  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 into the corporate return:

  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. From the Sections list, select Biofuel Producer Credit (6478).
  3. Enter the Gallons of second generation biofuel sold or used .
  4. Enter any other applicable fields.

Follow these steps to input the credit if from a partnership passthrough K-1 into the individual return:

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

Follow these steps to input the credit if from a S-corporation passthrough K-1 into the individual return:

  1. Go to Screen 20, Passthrough K-1's.
  2. Select S Corporation Information from the left navigation menu.
  3. From the Sections list, select Line 13 - Credits and Withholding.
  4. Under K-1 Code, select I - Biofuel producer credit.
  5. 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:

  1. Go to Screen 20, Passthrough K-1's.
  2. Select Estate or Trust Information from the left navigation menu.
  3. From the Sections list, select Line 13 - Credits.
  4. Under K-1 Code, select H - Biofuel producer credit.
  5. Enter the Amount of Credit.
Lacerte Tax

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