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Generating Form 3468, Investment Credit (1065, 1120-S, 1041) in Lacerte

SOLVEDby IntuitLacerte Tax23Updated August 03, 2022

Who must complete Form 3468?

The "Specific Instructions" section of the Instructions for Form 3468 state the following:

Generally, (a) an estate or trust whose entire qualified rehabilitation expenditures or bases in energy property are allocated to beneficiaries, (b) an S corporation, or (c) a partnership does not have to complete and attach Form 3468 to its tax return. However, if the estate or trust, S corporation, or partnership is the owner of or passing through qualified rehabilitation expenditures for a certified historic structure, the entity must complete lines 11h and 11i of the form and attach it to its tax return even if the credit is not being claimed by the entity.

Lacerte will include information related to Form 3468 with the Schedule K-1 with the partner/shareholder. This information is passed through to the individual taxpayer. Check for the information on the second page of the K-1.

Where do I input information for Form 3468?

You can input this information on Screen 34, General Business and Vehicle Credits of the Individual module of Lacerte. The credit flows from Form 3468 to Form 3800 to show on Form 1040.

Form 3468 will be produced only if there's a certified historic structure, and then only lines 11h and 11i will show on the form.

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