ProConnect HelpIntuit HelpIntuit

Generating Form 3468, Investment Credit ProSeries

SOLVEDby Intuit6Updated March 01, 2024

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 2023:

For tax year 2023 the IRS has redesigned Form 3468 to support the provisions created by the Inflation Reduction Act of 2022 (IRA) and the Creating Helpful Incentives to Produce Semiconductors Act of 2022 (CHIPS). See the What's New section here for more information.

.

Available Sections

PartCredit
IFacility Information
IIQualifying Advanced Coal Project Credit and Qualifying Gasification Project Costs
IIIQualifying Advanced Energy Project Credit Under Section 48C
IVAdvanced Manufacturing Investment Credit Under Section 48D
VIGeothermal Energy Credit
VISolar Energy Credit
VIQualified Fuel Cell Property
VIQualified Microturbine Property
VICombined Heat and Power System Property
VIQualified Small Wind Energy Property
VIWaste Energy Recovery Property
VIGeothermal Heat Pump Systems
VIEnergy Storage Technology Property
VIQualified Biogas Property
VIMicrogrid Controllers Property
VIQualified Investment Credit Facility Property
VIClean Hydrogen Production Facilities as Energy Property
VITotals and Credit Reduction for Tax-Exempt Bonds
VIIRehabilitations Credit Under Section 47
Credit Transfers Out

To generate the 3468 information in the 1065 return in tax year 2023:

  1. Open the Federal 1065 return.
  2. Press F6 to bring up Open Forms.
  3. Type 3468 and select OK.
  4. Enter a description of the facility and select OK to open the 3468.
  5. Complete Part 1 for each Facility.
    • Once the form is complete there is a QuickZoom in Part 1 to create another copy. Create one copy for each facility or property.
  6. Scroll to the section for the credit needed and complete any applicable information.
  7. ProSeries does not transfer the facility information to the partners. You must manually enter the required disclosures on the Schedule K and K-1. The credit amounts from Part II-VII will flow to the K-1 as supplemental information.
  8. If you are transferring the credit or making a gross elective payment see How to enter information for Form 3800 in ProSeries on how to complete the 3800 Part III.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

To generate the 3468 information in the 1120S return in tax year 2023:

  1. Open the Federal 1120S return.
  2. Press F6 to bring up Open Forms.
  3. Type 3468 and select OK.
  4. Enter a description of the facility and select OK to open the 3468.
  5. Complete Part 1 for each Facility.
    • Once the form is complete there is a QuickZoom in Part 1 to create another copy. Create one copy for each facility or property.
  6. Scroll to the section for the credit needed and complete any applicable information.
  7. ProSeries does not transfer the facility information to the shareholders. You must manually enter the required disclosures on the Schedule K and K-1. The credit amounts from Part II-VII will flow to the K-1 as supplemental information.
  8. If you are transferring the credit or making a gross elective payment see How to enter information for Form 3800 in ProSeries on how to complete the 3800 Part III.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

To generate the 3468 in a 1040:

If the 3468 is from a passthrough K-1:

  1. Open the Schedule K-1 Worksheet.
  2. Scroll down to the Credits & credit recapture line.
  3. Enter the Codes and Amounts from the K-1 received.
  4. Select the QuickZoom to enter addtl info.
  5. Enter the amount on the applicable line for Form 3468.

If the 3468 is not passed through from a K-1:

  1. Open the Federal 1040 return.
  2. Press F6 to bring up Open Forms.
  3. Type 3468 and select OK.
  4. Enter a description of the facility and select OK to open the 3468.
  5. Complete Part 1 for each Facility.
    • Once the form is complete there is a QuickZoom in Part 1 to create another copy. Create one copy for each facility or property.
  6. Scroll to the section for the credit needed and complete any applicable information.
  7. If you are transferring the credit or making a gross elective payment see How to enter information for Form 3800 in ProSeries on how to complete the 3800 Part III.

New for Form 3800 for tax year 2023:

  • If you intend to make an elective payment election or a transfer election on Form 3800, you must complete a pre-filing registration before you file your tax return. See here for more information.
  • Elective payment election: Certain applicable entities and electing taxpayers can elect to treat certain IRA 2022 business credits, or 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.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Was this helpful?

You must sign in to vote, reply, or post
ProSeries Basic

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.

More like this

Dynamic AdsDynamic Ads