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Generating individual Hawaii Form N-342 in Lacerte

by Intuit• Updated 1 year ago

This article will assist you with generating the following Hawaii forms in Lacerte:

  • Form N-342, Renewable Energy Technologies Income Tax Credit for Systems Placed in Service on or after July 1, 2009
  • Form N-342A, Information Statement Concerning Renewable Energy Technologies Income Tax Credit For Systems Installed and Place In Service On Or After July 1, 2009

Before you start

  • The amount of credit and the type of renewable energy technology will appear on Hawaii Schedule CR
    • Nonrefundable credits calculate on page 1 and refundable credits calculate on page 2.
  • If the client has a carryover after completing Form N-342, you can enter a note on Screen 47, Notes to keep track of the carryover within the client file manually.
  1. Go to Screen 53, Other Credits.
  2. Select Hawaii Credit for Renewable Energy Technologies from the left navigation panel.
  3. Scroll down to the Tax Credit Treatment section.
  4. Choose the applicable credit option from the Select option to treat tax credit dropdown list.
  5. Enter the applicable credit information on this screen.
    • Some of the fields will be mandatory, depending on the type of credit.

Form N-342A entries in this section are placed in the e-file automatically. The distributive share entries automatically carry to Form N-342, line 40 or 41.

  1. Go to Screen 53, Other Credits.
  2. Select Hawaii Credit for Renewable Energy Technologies (N-342A e-File Only) from the left navigation menu.
  3. Scroll down to the Tax Credit Treatment section.
  4. Choose the credit applicable option from the Select option to treat tax credit dropdown list.
  5. Scroll down to the Name of S Corporation, Partnership, Estate, or Trust, or Condominium Apartment Association section.
  6. Complete any applicable information in this section.
  7. Enter the applicable credit information on this screen.
  8. Scroll to the Total and Distributive Share of Renewable Energy Technologies Income Tax Credit (Line 42-Line 44) section.
  9. Enter the (42) Total tax credit claimed.
  10. Enter the (43) Distributive share of solar energy tax credit, if applicable.
  11. Enter the (44) Distributive share of wind-powered energy tax credit, if applicable.

Lacerte for tax year 2015 and prior doesn't support Form N-342, but here's how you can enter it once you know the amount:

  1. Go to Screen 53, Other Credits.
  2. Select Hawaii Other Credits from the left navigation panel.
  3. Scroll to either the Non-Refundable Credits section or the Refundable Credits section.
  4. Enter the applicable credits.
  5. Locate the Renewable Energy Tech Income Credit (N-342) (on or after July 1, 2009) section.
  6. Enter the Amount of credit.
  7. Enter a 1 or 2 in the (1=solar, 2-wind) field.
Lacerte Tax

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