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Where is the input for form the CA main street small business tax credit for an S-corp? I see a "new employment credit (3554)" on screen 47.011 but that's different, no?

justataxnerd
Level 2
 
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George4Tacks
Level 15

Use the Lacerte gimmick - Go to Forms  and find the form you want (you may need to click Show All). In this case I think you want CA 3866 and Line 2. RIGHT CLICK that line and select "Jump to input" 

I think that is one you want. 


ex-AllStar

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George4Tacks
Level 15

Main Street Small Business Tax Credit

CA Credits Screens 47; Codes 177-184

Please enter the information to flow to Form 3866. The identifying information will pull from the return so you should only need to enter something if the information is different. If the information is from a passthrough entity, please put in a 1 amount under the field passthrough.

Please note that in the Partnership module this credit will not be able to be specially allocated on the K-1. To allocate an amount that is different from the computed amount for a partner, use the CA Miscellaneous section on the Partner Miscellaneous Info screen. You will then need to use the Supplemental K-1 screen to enter the data required to be distributed to the partner (Confirmation number, taxpayer generating credit name, etc)


ex-AllStar
justataxnerd
Level 2

Perfect. Thank you for the info.


Now, the credit is flowing through on CA Sch K-1 but it doesn't automatically import into the individual program nor do I see the input there for it....

Can you please help figure out where to enter the flow-through credit in the individual module?


Would be nice to have that imported in.

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George4Tacks
Level 15

Try Screen 53.013 California Other Credits Look in the Sections  in the lower left for New Employment Credit 3554.

 


ex-AllStar
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justataxnerd
Level 2

That doesn't seem right....that's for new employment credit...looking for main street hiring credit flowing through from an S-corp

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George4Tacks
Level 15

Use the Lacerte gimmick - Go to Forms  and find the form you want (you may need to click Show All). In this case I think you want CA 3866 and Line 2. RIGHT CLICK that line and select "Jump to input" 

I think that is one you want. 


ex-AllStar

View solution in original post

justataxnerd
Level 2

Worked Like a Charm. Thanks!

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George4Tacks
Level 15

Now that you have the input, read the instructions for the form:

https://www.ftb.ca.gov/file/business/credits/small-business-hiring-credit.html

How to claim

  • File your income tax return.
  • Include form FTB 3866, Main Street Small Business Hiring Credit (coming soon), to claim the credit.
    • Provide the confirmation number (received from CDTFA on your Tentative Credit Reservation) when claiming these credits.
    • Use credit code 240 when claiming the credit.
  • Visit Instructions for FTB 3866 for more information.
  • Unused credits may be carried over for 5 years or until exhausted.

ex-AllStar
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