What’s new on Form 3800 for the 2024 tax year?
55 views |Last modified 2/6/2025 8:19:13 AM EST |

Here are new updates on Form 3800 for the 2024 tax year

Part I: Line 2 now includes passive credit carryovers from Part IV. Lines 4 and 5 cover non-passive carryforwards and carrybacks only.

Part II: Renamed to "Figuring Credit Allowed After Limitations." Sections A, B, and C address credit limitations under sections 38(c)(1), 38(c)(2), and 38(c)(4). Section D reports credits allowed after limitations.

Part III: Columns (d) and (e) for passive and non-passive credits were added, with column (g) combining non-passive credits and amounts transferred. Column (i) shows credits applied against tax in Part II, with column (j) for the net elective payment election (EPE) amount.

Part IV: Updated for carryovers of general business credits. The eligible small business credit (ESBC) carryforwards column has been removed; report on 2024 Form 3800, Part IV, line 4y. Columns (a) to (i) manage carryovers, including passive activity limits and recapture.

Part V: Expanded for detailed reporting of current-year passive and non-passive credits, EPEs, and transfer elections, applicable to filers with multiple credit registrations or partners/S corporation shareholders with multiple Schedule K-1s.

Part VI: New columns for passive and non-passive credits. Includes reporting for clean electricity production (Form 7211), clean fuel production (Form 7218), and clean electricity investment (Form 3468) credits. These are available for fiscal tax years ending in 2025. 

Click here to learn more about the updates on Form 3800.