Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

CA Main Street Small business Hiring Tax Credit, and entering it into Lacerte.

JS
Level 2
Have a question about the CA- Main Street Small business Hiring Tax Credit, and entering it into Lacerte.

I have found the entry in the 1120S module to enter the Credit, and it shows up as a credit to the CA 100S - Form 3866 tax credit, but how do I elect to pass thru to the Shareholder? and not the 100S? I see the credit listed on the 100S K-1 as a credit (line 13d), but when Lacerte sends the K-1 to the client it disappears?
Where does it go?
Where do you enter the credit on the 1040? I have looked at all the credits in the K-1 entry screen -  Line 13 (Credits & Withholding) and it is not there?
Any ideas of where to enter it?

FYI- If I keep it on the 100S only 1/3 of the credit is allowable, but if I pass it through tot he shareholder 100% is allowed.
Or do I need to contact Lacerte support and wait for update?
Labels (1)
0 Cheers
2 Replies 2
Teresavon
Level 1

I'm having the same problem.  Was there an answer?

 

0 Cheers
JS
Level 2

Yes, I finally found that you can report it directly on the 1040, and list the s-corp as the pass-thru entity,. In Lacerte: screen 53.013:  CA Other Credits. Main Street small business tax credit (3886).

 

0 Cheers