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Generating Form 3468, Investment Credit (1065, 1120-S, 1040) in Lacerte
by Intuit•3• Updated 2 weeks ago
Table of contents:
‣ To generate the 3468 in the 1065 return: |
‣ To generate the 3468 in the 1120S return: |
‣ To generate the 3468 in a 1040: |
What's new for Form 3468 for tax year 2024:
- For tax years beginning after January 1, 2024, eligible filers can claim the clean electricity investment credit under section 48e in Part V.
- If you are claiming a rehabilitation credit and you completed Part VII, lines 1i or 1j, you also need to complete lies 1k(i) and 1k(ii). Both lines are now required.
- The IRS established a pre-filing registration process that must be completed prior to electing payment or transfer of the investment credit. You can register here.
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Available Sections
Part | Credit |
---|---|
I | Facility Information |
II | Qualifying Advanced Coal Project Credit and Qualifying Gasification Project Costs |
III | Qualifying Advanced Energy Project Credit Under Section 48C |
IV | Advanced Manufacturing Investment Credit Under Section 48D |
VI | Geothermal Energy Credit |
VI | Solar Energy Credit |
VI | Qualified Fuel Cell Property |
VI | Qualified Microturbine Property |
VI | Combined Heat and Power System Property |
VI | Qualified Small Wind Energy Property |
VI | Waste Energy Recovery Property |
VI | Geothermal Heat Pump Systems |
VI | Energy Storage Technology Property |
VI | Qualified Biogas Property |
VI | Microgrid Controllers Property |
VI | Qualified Investment Credit Facility Property |
VI | Clean Hydrogen Production Facilities as Energy Property |
VI | Totals and Credit Reduction for Tax-Exempt Bonds |
VII | Rehabilitations Credit Under Section 47 |
Credit Transfers Out |
To generate the 3468 in the 1065 return:
- From the Details tab, select Schedule K, then 20 Credits, then Investment Credit (3468) to open Screen 20.3.
- Under the Facility section select the facility you need to generate the credit for.
- Use the Add button to add as many Facilities or properties as needed.
- Complete Part 1 for each Facility or Property.
- Select the section for the credit needed and complete any applicable information.
- If using the new Elective Payment option for tax year 2023 use the new Elective Payment fields.
- If filing an elective payment on the Form 3800 the IRS requires a registration number that you must complete before filing the tax return. See here for more information.
- The 3800 will only generate for S Corporate returns if an Elective Payment or Transfer is used.
- Lacerte will include information related to Form 3468 with the Schedule K-1 with the partner/shareholder. This information is passed through to the individual taxpayer.
To generate the 3468 in the 1120S return:
- From the Details tab, select Schedule K, then 26 Credits, then Investment Credit (3468) to open Screen 26.7.
- Under the Facility section select the facility you need to generate the credit for.
- Use the Add button to add as many Facilities or properties as needed.
- Complete Part 1 for each Facility or Property.
- Select the section for the credit needed and complete any applicable information.
- If using the new Elective Payment option for tax year 2023 use the new Elective Payment fields.
- If filing an elective payment on the Form 3800 the IRS requires a registration number that you must complete before filing the tax return. See here for more information.
- The 3800 will only generate for Partnerships if an Elective Payment or Transfer is used.
- Lacerte will include information related to Form 3468 with the Schedule K-1 with the partner/shareholder. This information is passed through to the individual taxpayer.
To generate the 3468 in a 1040:
- Open the Individual return.
- Go to Screen 34, General Business, Vehicle and Passive Activity Credits.
- Select the Investment Credit (3468) section.
- Under the Facility section select the facility you need to generate the credit for.
- Use the Add button to add as many Facilities or properties as needed.
- Complete Part 1 for each Activity.
- Select the section for the credit needed and complete any applicable information.
- The credit flows from Form 3468 to Form 3800 to show on Form 1040.
- If using the new Elective Payment option for tax year 2023 use the new Elective Payment fields.
- If filing an elective payment on the Form 3800 the IRS requires a registration number that you must complete before filing the tax return. See here for more information.