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Entering the Georgia Timber Tax Credit in Lacerte
by Intuit• Updated 1 month ago
New Georgia Timber Credit entries were introduced for Lacerte 2019 and newer versions. This credit can be either refundable or non-refundable.
Entering the Credit in Lacerte
The Georgia Timber Tax credit can be entered in Screen 53.202, Georgia Credits.
Follow these steps to enter as Nonrefundable credit:
- Go to Georgia Credits:
- Individual: Screen 53.202, Georgia Credits.
- Partnership: Screen 41.202, Georgia Credits.
- Corporate: Screen 49.202, Georgia Credits.
- S-Corporation: Screen 47.203, Georgia Credits.
- Fiduciary: Screen 57.202, Georgia Credits.
- Enter the Credit type code (Ctrl+T) using the dropdown options to select 'Timber Tax Credit (nonrefundable)'.
- Enter any Credit carryover amounts, if applicable.
- For a Credit Originating with Taxpayer, enter the Credit certificate # and Amount of credit.
- For Credit Originating with Other Entity, enter the Company Name, ID#, Credit Certificate #, Amount of Credit, and % of Credit.
- To enter multiple credits, click the Add button located in the left navigation panel.
Follow these steps to enter the Refundable credit:
- Go to Georgia Credits:
- Individual: Screen 53.202, Georgia Credits.
- Partnership: Screen 41.202, Georgia Credits.
- Corporate: Screen 49.202, Georgia Credits.
- S-Corporation: Screen 47.203, Georgia Credits.
- Fiduciary: Screen 57.202, Georgia Credits.
- Click the GA Credits button located at the beginning of this input screen.
- Scroll down to the Refundable Credits section.
- Enter the Timber tax credit amount.
- Enter the Timber tax credit amount sold, if applicable.
- Enter the Timber tax credit certificate number.
- Enter the Credit Originating with Other Entity, if applicable.
- Enter the Refundable credit to carryover to next year, if applicable.
Note: The refundable business credit will go to a new page. The refundable credit prints on the page directly following the non-refundable credit. Example: In the Individual module the refundable Timber Tax Credit will print on a new Schedule 2B.
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