Form Nd-1qec - Qualified Endowment Fund Tax Credit - 2011
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1
2Schedule
North Dakota Office of State Tax Commissioner
ND-1QEC
2011
Qualified endowment fund
tax credit
Attach to Form ND-1
Please type or print in black or blue ink. See separate instructions.
Taxpayer's name as shown on return
Social Security Number
Qualified endowment fund information
1.
Enter the name, address, and the total amount contributed for each qualified endowment fund to which you contributed at least $5,000
during the 2011 tax year. Do not enter the information for a qualified endowment fund to which you contributed less than $5,000
during the tax year.
(b) Address
(c) Total amount
(a) Name of qualified endowment fund
(number, street, apt. no., city, state, ZIP code)
contributed
Calculation of credit
2.
2
Total amount contributed. Add the amounts in column (c) of line 1
3.
3
Maximum contribution eligible for credit. If married filing jointly, enter $50,000; otherwise, enter $25,000
4.
4
Amount of contribution eligible for credit. Enter smaller of line 2 or line 3
5.
5
2011 credit. Multiply line 4 by 40% (.40)
6.
6
Amount of line 5 used to reduce tax in 2011. See instructions. Enter this amount on Schedule ND-1TC, line 18
7.
7
Unused credit carryover to 2012 tax year. Subtract line 6 from line 5
Adjustment to North Dakota taxable income
8.
If you used Form 1040 and itemized your deductions on Schedule A for 2011, did you deduct the
qualified endowment contribution (reported on line 2 of Schedule ND-1QEC) as a charitable contribution
on Schedule A?
No.
Skip lines 8 and 9, enter -0- on line 10, and go to line 11
Yes.
8
Enter the amount from Schedule A (Form 1040), line 29
9.
Enter the federal standard deduction that you would have been allowed on your 2011 Form 1040 had you
not itemized deductions on Schedule A (Form 1040). See the instructions to the 2011 Form 1040, line 40,
9
for amount to enter on this line
10.
10
Subtract line 9 from line 8. If result is less than zero, enter -0-
11.
If line 2 includes an amount transferred from an individual retirement account (IRA) to a qualified
endowment fund under Internal Revenue Code section 408(d), enter that amount on this line; otherwise,
11
enter zero. See instructions
12.
12
Add lines 10 and 11
13.
13
Adjustment amount. Enter the smaller of line 4 or line 12. Enter this amount on Form ND-1, line 4a
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