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How to enter Form 6478 biofuel producer credit in ProConnect Tax

SOLVEDby IntuitUpdated 1 month ago

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

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.

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:

  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, 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 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 passthrough K-1:

  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.

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