IRS Form 3800 walkthrough (General Business Credit)
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- Опубликовано: 12 сен 2024
- Partnerships and S corporations must always complete the source credit form.
All other filers whose only source for a credit listed in Form 3800, Part III, is from a partnership, S corporation, estate, trust, or cooperative can report the credit directly on Form 3800.
The following exceptions apply.
• You are claiming the investment credit (Form 3468) or the biodiesel, renewable diesel, or sustainable aviation fuel credit (Form 8864) in Part III with box A or B checked.
• You are an estate or trust and the source credit must be allocated to beneficiaries. For more details, see the Instructions for Form 1041, U.S. Income Tax Return for Estates and Trusts, Schedule K-1, box 13.
• You are a cooperative and the source credit can or must be allocated to patrons. For more details, see the Instructions for Form 1120-C, U.S. Income Tax Return for Cooperative Associations, Schedule J, line 5c.
Who Must File
You must file Form 3800 to claim any of the general business credits.
Great video. I look forward to the 2023 form 3800 walkthrough!!
Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmepersonalfinance.com/irs-form-3800-instructions/
If you’re looking for tutorials for other IRS Forms that you can file directly through the IRS website, check out our free fillable forms page: www.teachmepersonalfinance.com/free-fillable-tax-forms/
Thank you for your service. How do we file this form once it's complete, if filing as sole prop? Thank you again!
As a sole proprietor, you would file this with your income tax return. You may need to also file Schedule C and Schedule SE to report your business income:
IRS Schedule C, Profit or Loss from Business
Article: www.teachmepersonalfinance.com/irs-schedule-c-instructions/
Video: ruclips.net/video/T3KYF24chIg/видео.html
IRS Schedule SE, Self-Employment Tax
Article: www.teachmepersonalfinance.com/schedule-se-instructions/
Video: ruclips.net/video/SmRTyhd0RnI/видео.html
@@teachmepersonalfinance2169 you're so thoughtful - thank you! Really appreciate what you're doing here. God Bless!
Do you report commerical EV that is under S-corp on form 3800? Also it is not subject to AGI requirements?
In 2023 and later, clean vehicle credits (which replace several prior tax credits under similar names) are reported on IRS Form 8936. This form then flows through to IRS Form 3800.
There is a modified AGI limitation, which you calculate in Part I of Form 8936:
Your modified adjusted gross income (AGI) for 2022 or 2023 is not more than:
$150,000 (single or married filing separately)
$300,000 (married filing jointly or a qualifying surviving spouse)
$225,000 (head of household).
IRS Form 8936, Clean Vehicle Credits
Article: www.teachmepersonalfinance.com/irs-form-8936-instructions/
Video: ruclips.net/video/7bi4N0Fsbpg/видео.html
Hi, If someone have a credit from Part 3-1r of their last tax year that they didn't use in this tax year, do they need to fill out Form 3800 again?
I believe so. It appears that (at the least), you would complete Part IV to track any carryforwards to this tax year.
The research tax credit election would result in Part 1 having all '0' because box G is checked. However, that then makes f6765 Line 44 = 0, which suggest no payroll tax credit. MIssing something?
I wasn't sure if you were discussing the video itself, so I went back to review it. I didn't see an instance where I checked Box G on the form, so I tried to think about this in a real-life situation.
If Box G was checked in Part III, because of eligible small business carryforwards, then I'm not sure how that would zero out Part 1, unless that Part III was Part III being filed. According to the Form 3800 instructions, you would fill out a separate Part III for each box that you check, then order them as follows:
1. Page 1.
2. Page 2.
3. Part III with box I checked.
4. All Parts III with box A checked.
5. All Parts III with box B checked.
6. Part III with box C checked.
7. Part III with box D checked.
8. Part III with box G checked
Even if the Part III with Box G checked ended up as zero total credits, you would still add the total of all Parts III. I could see scenarios where there are values in Part I even if Box G is checked on a copy of Part III that's being used.
To your point, though, the instructions also state the following: Qualified small businesses electing to claim a portion of the research credit as a payroll tax credit must adjust the research credit carryforward for the amount of the credit elected as a payroll tax credit on Form 6765.
I think that this would be how to address any concerns of double-dipping (i.e. taking a credit twice for the same expenses)
@@teachmepersonalfinance2169 I worked it out after going back.over it a few times.
Good Afternoon,
Would I use this form for the employer contribution tax credit?
If you're referring to the retirement plans startup credit, you would not use IRS Form 3800 to report it. Instead, you would report on IRS Form 8881, Credit for Small Employer Pension Plan Startup Costs and Auto-Enrollment. When you report on Form 8881, it will then feed into IRS Form 3800 as a general business credit.