Form 7211 is used to claim the clean electricity production credit. The credit is allowed for electricity produced in the United States or U.S. territories at a qualified facility and sold by the taxpayer to an unrelated person during the tax year or, in the case of a qualified facility that is equipped with a metering device that is owned and operated by an unrelated person, sold, consumed, or stored by the taxpayer during the tax year.
The entity that owns and operates a qualified facility files Form 7211 to claim the credit, and a separate form is filed for each qualified facility. Except for an estate or trust, a taxpayer receiving this credit from a pass-through entity doesn't need to file Form 7211 but reports it directly on Form 3800, General Business Credit. An estate or trust receiving this credit passes it through to the beneficiary(ies) on Schedule K-1.
See the form instructions for details on how to complete Form 7211.
Individual income tax return
To access Form 7211 in the individual tax return in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select:
- Credits
- General Business Credit
- Current Year General Business Credit
- Form 7211 - If the credit was received from a pass-through entity on Schedule K-1, select Credits from Pass Thru Entities.
Corporation Income Tax Return (Form 1120)
To access Form 7211 in the corporation income tax return in TaxSlayer Pro, from the Main Menu of the return (Form 1120) select:
- Tax and Payments
- Total Payments and refundable credits
- Elective Payment Election Amount (Form 3800)
- Current Year General Business Credits
- Form 7211 - If the credit was received from a pass-through entity on Schedule K-1, select Credits from Pass Thru Entities.
S Corporation Income Tax Return (Form 1120-S) and Return of Partnership Income (Form 1065)
To access Form 7211 in the S corporation or partnership income tax returns in TaxSlayer Pro, from the Main Menu of the return (Form 1120-S or Form 1065) select:
- Schedule K - Distributive Share Items
- Credits
- General Business Credits
- Current Year General Business Credits
- Form 7211 - If the credit was received from a pass-through entity on Schedule K-1, select Credits from Pass Thru Entities.
Income Tax Return for Estates and Trusts (Form 1041)
To access Form 7211 in the estate or trust income tax return in TaxSlayer Pro, from the Main Menu of the return (Form 1041) select:
- Schedule K-1
- Schedule K-1 Input - Select the beneficiary.
- Allocable Share Items
- Credits and Credit Recapture
- 13E - Clean Electricity Production Credit - Enter the amount received from the pass-through entity.
Additional Information: