Intuit HelpIntuit

Generating Form 8609-A in Lacerte

by Intuit• Updated 1 year ago

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

Go to Screen 21, Form 8609-A/LIH Recapture (8611).
A separate activity must be added for each building.
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.

Lacerte Tax

Sign in now for personalized help

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