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Screen 3468-2 Advanced Coal, Energy, Manufacturing and Energy Credit (1120)
Overview
A separate Form 3468 is filed to claim an investment credit for each facility or property and for each unused investment credit received from a cooperative.
Based on the Form 3468 instructions, the investment credit is not calculated for an S Corporation. The S Corporation passes through the cost or basis of each property to the shareholder, and the investment credit is calculated at the shareholder level. The S Corporation provides the required information to the shareholder on the 3468 worksheets in the shareholder package.
Description
The application updates this field with the data entered in the
Description
field in Screen 3468. Advanced energy project property
The application transfers the basis of advanced energy project property from the asset module when you enter code
P
in the Credit field. The transfer from the asset module creates a new unit of Screen 3468-2. You will need to enter a Description
of the facility or property on Screen 3468.Select the applicable code in the
Does project satisfy prevailing wage requirements?
field in Screen 3468 if you meet the prevailing wage requirement and qualify for the higher credit percentage.Geothermal energy property
The application transfers the basis of geothermal energy property from the asset module when you enter code
G i
n the Credit field for the asset. The transfer from the asset module creates a new unit of Screen 3468-2. You will need to enter a Description
of the facility or property on Screen 3468.The application uses the higher percentage to calculate the credit based on the responses to the questions on Form 3468, Part I. The data entry for these questions is found on Screen 3468.
Solar illumination property
The application transfers the basis of solar illumination property from the asset module when you enter code
S i
n the Credit field for the asset. The transfer from the asset module creates a new unit of Screen 3468-2. You will need to enter a Description
of the facility or property on Screen 3468.The application uses the higher percentage to calculate the credit based on the responses to the questions on Form 3468, Part I. The data entry for these questions is found on Screen 3468.