Generating Form 8609-A in Lacerte

Table of contents:

A building owner files form 8609-A Annual Statement for Low-Income Housing Credit to report compliance with low-income housing provisions and calculate the low-income housing credit.

• The building owner must file form 8609-A for each year of the 15-year compliance period.
  • File one Form 8609-A for allocation(s) for the acquisition of an existing building.
  • File a separate Form 8609-A for allocation(s) for rehabilitation expenditures.

How to generate Form 8609-A

Partnership

1. Go to Screen 21, Form 8609-A/LIH Recapture (8611).
2. A separate activity must be added for each building.
3. The partner's share of this credit flows to the Schedule K-1 Box 15 with a code of A or B.
   • The code A or B depends on what is entered in 1=42(j)(5) partnership, 2=other (MANDATORY) (Code 17).

How to calculate the credit

• Go to Screen 28.2, Schedule A (8609)/LIH Recapture
• Scroll down to Credit Information (8609-A)
• Input amount for Eligible basis from Form 8609, Part II, line 7b (Code 5)
• Input number of low-income units (Code 22)
• Input the Total number of units (Code 23)
• Input Low-income floor space (Code 24)
• Input Total floor space (Code 25)
• Input Credit percentage from Form 8609, Part I, line 2 (.xxxx) (Code 501)
• Input other information as needed.

Additional inputs can be found in Screen 16, K-1 Information in the Credits section.

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Corporate

• Go to Screen 28.1 General Business Credits.
• Screen 28.6 LIH Annual Stmt.(8609-A)/ Recapture (8611)
• A separate activity must be added for each building.
• Fill in the section called Credit Information (8609-A)
• Enter the information from the Housing Credit Agency Form 8609

How to calculate the credits

• Input amount for Eligible basis from Form 8609, Part II, line 7b (Code 5)
• Input number of low-income units (Code 22)
• Input the Total number of units (Code 23)
• Input Low-income floor space (Code 24)
• Input Total floor space (Code 25)
• Input Credit percentage from Form 8609, Part I, line 2 (.xxxx) (Code 501)
• Input other information as needed.

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S-Corporation

• Go to Screen 26.3 Schedule K Credits
• LIH Annual Stmt. (8609-A)/Recapture (8611)
• A separate activity must be added for each building.
• Fill in the section called Credit Information (8609-A)
• Enter the information from the Housing Credit Agency Form 8609

How to Calculate the Credits

• Input amount for Eligible basis from Form 8609, Part II, line 7b (Code 5)
• Input number of low-income units (Code 22)
• Input the Total number of units (Code 23)
• Input Low-income floor space (Code 24)
• Input Total floor space (Code 25)
• Input Credit percentage from Form 8609, Part I, line 2 (.xxxx) (Code 501)
• Input other information as needed.

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