Educational Opportunity Tax Credit Worksheet For Employers

Educational Opportunity Tax Credit Worksheet For Employers - 2014 Page 4

2014 Education Opportunity Tax Credit Worksheet for Employers Instructions, continued

average number of hours worked weekly would be calculated as follows: ([10 x 17] + [20 x 6] + [36 x 3]) / 26 = (170 + 120 + 108) / 26 =

398 / 26 = 15.31 average number of hours worked weekly.

In this second example, educational loan payments made for the employee would not qualify for the credit because the employee

worked less than 16 hours weekly on average during the time of employment.

Line 15. Carryforward of unused credit from 2013. Enter the amount of any unused credit from tax year 2013. Unused credit

amounts may be carried forward for up to 10 years.

Line 16. Pass-through entities must provide each shareholder, partner or member a copy of the credit worksheet(s) completed and a

schedule showing the assignment/distribution of the credit to each owner. The assignment/distribution must be based on ownership

interest in the entity. If multiple worksheets are completed, the employer may aggregate the credit amount of all worksheets for

purposes of completing the schedule of assignment/distribution. The schedule must also include the name, address and EIN of the

pass-through entity, and the name and SSN/EIN of each partner, shareholder or member. Owners claiming the credit must attach a

copy of the credit worksheet(s) and schedule of assignment/distribution.

Carryforward amount. The credit amount on line 14 that you cannot use this year may be carried forward to future tax years for up to

10 years. You may also carry forward the amount on line 15 that you cannot use this year, as long as the carryforward year is within the

10-year period following the year the credit was calculated. Keep a record of the unused credit amount available for future tax years.

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