This article will assist you with entering information for Form 6478 in the Corporate and Individual returns.
Follow these steps to input the information in the Corporate module:
- Go to Input Return ⮕ Credits ⮕ General Business Credits.
- Select the Energy/Fuel Production tab.
- Scroll down to the Biofuel Producer Credit (6478).
- Enter the applicable information.
- Go to Check Return to view Form 6478, Biofuel Producer Credit.
- The allowable amount is calculated on Form 6478, Line 15.
- The amount on Line 15 flows to Form 3800, Page 3, Line 29c.
- The credit allowed for the current year is calculated on Form 3800, Page 3, Line 32.
- For corporations, the allowable credit carries to Form 1120, Schedule J, Line 5c.
Follow these steps to input the credit if from a passthrough K-1:
- Go to Input Return ⮕ Income ⮕ Schedule K-1.
- Select Lines 12-20.
- Scroll down to Credits.
- Enter the applicable amount in the Biofuel producer credit (15I) field, code 91.
- The amount will appear on Form 6478, Line 9.
- The allowable amount is calculated on Form 6478, Line 15.
- The amount on Line 15 flows to Form 3800, Page 3, Line 29c.
- The credit allowed for the current year is calculated on Form 3800, Page 3, Line 32.
- For corporations, the allowable credit carries to Form 1120, Schedule J, Line 5c.
Follow these steps to input the information in the Individual module:
- Go to Input Return ⮕ Credits ⮕ General Bus. & Passive Act. Credits.
- Select the Energy/Fuel Production tab.
- Scroll down to the Biofuel Producer Credit (6478).
- Enter the Gallons of second generation biofuel sold or used after 1/02/2021.
- Enter any other applicable fields.
Follow these steps to input the credit if from a passthrough K-1:
- Go to Input Return ⮕ Income ⮕ Passthrough K-1's ⮕ Partnership Information.
- Select Lines 11-20.
- Scroll down to Line 15 - Credits and Withholding.
- Under K-1 Code, select I - Biofuel producer credit.
- Enter the Amount of Credit.
