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Generating Form 3468, Investment Credit ProSeries
by Intuit•1• 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 a 1065 return starting in tax year 2023:
- Open the Federal 1065 return.
- Press F6 to bring up Open Forms.
- Type 3468 and select OK.
- Enter a description of the facility and select OK to open the 3468.
- 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.
- Scroll to the section for the credit needed and complete any applicable information.
- 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.
- 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.
To generate the 3468 in a 1120S return starting in tax year 2023:
- Open the Federal 1120S return.
- Press F6 to bring up Open Forms.
- Type 3468 and select OK.
- Enter a description of the facility and select OK to open the 3468.
- 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.
- Scroll to the section for the credit needed and complete any applicable information.
- 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.
- 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.
To generate the 3468 in a 1040:
If the 3468 is from a passthrough K-1:
- Open the Schedule K-1 Worksheet.
- Scroll down to the Credits & credit recapture line.
- Enter the Codes and Amounts from the K-1 received.
- Select the QuickZoom to enter addtl info.
- Enter the amount on the applicable line for Form 3468.
If the 3468 is not passed through from a K-1:
- Open the Federal 1040 return.
- Press F6 to bring up Open Forms.
- Type 3468 and select OK.
- Enter a description of the facility and select OK to open the 3468.
- 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.
- Scroll to the section for the credit needed and complete any applicable information.
- 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.