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How to enter Form 6478 biofuel producer credit in ProConnect Tax

by Intuit• Updated 1 month ago

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

Table of contents:

‣ Enter the credit in the Corporate module:
‣ Enter the credit from a K-1 into the Corporate module:
‣ Enter the credit in the Indivdiual module:
‣ Enter the credit from a Partnership K-1 into the Individual Module:
‣ Enter the credit from a S Corporation K-1 into the Individual Module:
‣ Enter the credit from a Estate or Trust K-1 into the Individual Module:

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

  1. Go to Input Return ⮕ Credits ⮕ General Business Credits.
  2. Select the Energy/Fuel Production tab.
  3. Scroll down to the Biofuel Producer Credit (6478).
  4. Enter the applicable information.
  5. Go to Check Return 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 Input Return ⮕  Income ⮕ Schedule K-1.
  2. Select Lines 12-20.
  3. Scroll down to Credits.
  4. Enter the applicable amount in the Biofuel producer credit (15I) field.
    • 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 Input Return ⮕ Credits ⮕ General Bus. & Passive Act. Credits.
  2. Select the Energy/Fuel Production tab.
  3. Scroll down to the Biofuel Producer Credit (6478).
  4. Enter the Gallons of second generation biofuel sold or used after 1/02/2021.
  5. 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 Input Return ⮕ Income ⮕ Passthrough K-1's ⮕ Partnership Information.
  2. Select Lines 11-20.
  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.

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

  1. Go to Input Return ⮕ Income ⮕ Passthrough K-1's ⮕ S Corporation Information.
  2. Select Lines 11-17.
  3. Scroll down to 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 Input Return ⮕ Income ⮕ Passthrough K-1's ⮕ Estate or Trust Information
  2. Select Lines 9-14.
  3. Scroll down to Line 13 - Credits and Withholding
  4. Under K-1 Code, select H - Biofuel producer credit.
  5. Enter the Amount of Credit.
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