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How to generate Form 8911 in Lacerte

SOLVEDby Intuit99Updated 2 weeks ago

This article will assist you with entering information related to Form 8911, Alternative Fuel Vehicle Refueling Property Credit, in Lacerte.

What's new for Form 8911 for tax year 2023:

  • Credit modification. The Inflation Reduction Act of 2022 modified the credit for certain refueling property placed in service after 2022. 
  • Property must be located in an eligible census tract. Refueling property placed in service after 2022 will not be treated as qualified alternative fuel vehicle refueling property unless the property is placed in service in an eligible census tract. For this purpose, an eligible census tract is generally any population census tract that is not an urban area. See Eligible census tract. 
  • Tax-exempt and governmental entities. For tax years beginning after 2022, certain tax-exempt and governmental entities that generally do not benefit from income tax credits can elect to treat the alternative fuel vehicle refueling property credit as a payment of income tax. Resulting overpayments may result in refunds. See Tax-Exempt and Governmental Entities. 
  • Transfer of credit. For tax years beginning after 2022, eligible taxpayers (including partnerships and S corporations) can elect to transfer all or part of the credit amount otherwise allowed as a general business credit to an unrelated third-party buyer in exchange for cash. Eligible taxpayers do not include certain tax-exempt and governmental entities discussed above. See Transfer of Credit.

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Input fields for this credit are located on the following screens:

Tax typeScreen
CorporateScreen 28.1, General Business Credits
PartnershipScreen 20.2, Other Credits
S-CorporateScreen 26.2, Credits (Schedule K)

For tax year 2023, Form 3800 is undergoing a major IRS rewrite that expands the form to 8 pages. This form is still in development, pending a future release. Form 1120S and 1065 filers that require Form 3800 may want to consider filing extensions.

New for tax year 2023:

  • Pre-filing registration requirement. If you intend to make an elective payment election and/or a transfer election on Form 3800, you must complete a pre-filing registration before you file your tax return.
  • Elective payment election. Beginning with tax year 2023, certain applicable entities and electing taxpayers can elect to treat certain IRA 2022 business credits as elective payments. Certain eligible taxpayers can elect to treat CHIPS 2022 credits as elective payments. Any overpayments may result in refunds.
  • Transferring credits. Taxpayers may make an election to transfer all or a portion of certain IRA 2022 credits.
  • See IRS instructions for 3800 for more information.

How do I enter information for Form 8911 for an individual return?

Follow these steps to enter information for Form 8911 in the Individual module:

  1. Go to Screen 34, General Business & Vehicle Credits.
  2. Select Alternative Fuel Vehicle Refueling Property Credit from the lower-left Sections list.
  3. Enter the amounts in any of the applicable fields:
    • Total cost of qualified property
    • Business/investment use part (included above)
    • Section 179 deduction
    • Maximum credit (if not $100,000) [O]
      • Tax Year 2022 and prior: Maximum credit (if not $30,000) [O]
    • Maximum personal use part of credit (if not $1,000) [O]

The allowed business credit flows to Form 3800, page 3, line 1s. The allowed personal credit flows to Schedule 3, line 6 (Form 1040).

 

If you have no personal credit, this form won't generate. The credit from passthrough entities prints directly on Form 3800, line 1s.

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