Shedule Nd-1qec - Qualified Endowment Fund Tax Credit - North Dakota Office Of State Tax Commissioner - 2012 Page 2
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2North Dakota Offi ce of State Tax Commissioner
2012 Schedule ND-1QEC instructions
General instructions
No double benefi t. A charitable
Example 4—A taxpayer makes a charitable
contribution that is the basis for this credit
contribution of $500 at the beginning of
may not be used as the basis for any other
each month to Qualifi ed Endowment Fund
An individual is allowed an income tax
tax credit allowed for income tax purposes.
A for a total contribution of $6,000 for
credit for making one or more charitable
the tax year. Because the total amount
contributions totaling at least $5,000 to a
contributed to Qualifi ed Endowment Fund
Specifi c line instructions
qualifi ed endowment fund.
A is at least $5,000, the tax credit is allowed
If the entire credit cannot be used on the
on the entire $6,000. Enter the information
Line 1
2012 return, the unused portion may be
for Qualifi ed Endowment Fund A on
In columns (a) and (b), enter the name and
carried over and used on subsequent tax
Schedule ND-1QEC.
address of each qualifi ed endowment fund
years’ returns for up to three years.
to which you made one or more charitable
Line 6
Adjustment to taxable income— North
contributions totaling at least $5,000 during
Enter the allowable portion of an unused
Dakota taxable income must be increased
the 2012 tax year. See below for examples
qualifi ed endowment fund credit, if any,
by the amount of the charitable contribution
of the application of the $5,000 minimum
based on contributions made in the 2011 tax
upon which the credit is computed to the
contribution requirement. In column (c),
year.
extent that the contribution results in a
enter the total amount contributed to each
reduction to federal taxable income. See the
qualifi ed endowment fund entered in column
Line 8
instructions to the 2012 Form ND-1, line 4a.
(a).
Enter on this line only that portion of the
Qualifi ed endowment fund. A qualifi ed
Example 1—A taxpayer makes one or more
total allowable credit on line 7 that is used
endowment fund means a permanent,
to reduce the tax on the 2012 return. For
charitable contributions totaling $4,000 to
irrevocable fund that meets all of the
Qualifi ed Endowment Fund A. Because the
example, if the allowable credit on line 7 is
following:
$1,000, but only $400 is needed to reduce
total amount contributed is less than $5,000,
the tax to zero, enter $400 on line 8.
none of the contributions qualify for the
1. It is held by a qualifi ed nonprofi t
credit. Do not enter any information for
organization (as defi ned below).
Line 9
Qualifi ed Endowment Fund A on Schedule
2. It is comprised of cash, securities,
ND-1QEC.
Enter the portion of the total allowable
mutual funds, or other investment
credit on line 7 that is being carried over to
assets.
Example 2—A taxpayer makes one or more
the 2013 tax year.
3. It is established for a specifi c religious,
charitable contributions totaling $4,000
to Qualifi ed Endowment Fund A and one
educational, or other charitable purpose.
Line 13
or more charitable contributions totaling
4. It may expend only the income
If the amount on line 2 includes a charitable
$1,000 to Qualifi ed Endowment Fund B.
generated by, or the increase in value of,
contribution made to a qualifi ed endowment
None of the contributions qualify for the
the assets contributed to it.
fund by means of a trustee-to-donee transfer
credit because the total amount contributed
of monies from an individual retirement
Qualifi ed nonprofi t organization. A
to either fund is not at least $5,000. Do not
account (IRA) under Internal Revenue
qualifi ed nonprofi t organization means an
enter any information for either of the funds
Code section 408(d), enter that amount on
organization that meets all of the following:
on Schedule ND-1QEC.
this line. A charitable contribution made in
1. It is incorporated or established in North
this manner reduces federal taxable income
Example 3—A taxpayer makes one or more
Dakota and has a physical presence in
charitable contributions totaling $5,000 to
because the transferred monies, which
North Dakota.
would be subject to federal income tax had
Qualifi ed Endowment Fund A and one or
2. It is tax-exempt under I.R.C. § 501(c).
more charitable contributions totaling $1,000
they not been contributed to charity, are
excluded from federal taxable income. To
3. It is a charitable donee organization as
to Qualifi ed Endowment Fund B. Only the
the extent these monies are the basis for
$5,000 contributed to Qualifi ed Endowment
defi ned under I.R.C. § 170.
Fund A qualifi es for the credit. The $1,000
the qualifi ed endowment fund tax credit,
they must be added back into North Dakota
contributed to Qualifi ed Endowment Fund B
does not qualify for the credit because it is
taxable income.
less than $5,000. Only enter the information
for Qualifi ed Endowment Fund A on
Schedule ND-1QEC.
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