Instructions For Form 54-002 - Iowa Property Tax Credit Claim

Line 5a: Mark “Yes” if there is more than one owner of

Line 9: In-kind assistance - Enter any portion of your

your homestead and go to line 5b. If not, mark “No.”

housing expenses, including utilities that were paid for

you. Do not enter Federal Energy Assistance.

Line 5b: For a homestead that has more than one

owner, prorate the property tax proportionately to the

Line 10: Title 19 benefits - Enter your Title 19 benefits

number of owners who live in the homestead.

received for housing only. Do not include medical

benefits. If you live in a nursing home or care facility,

Owners who live in the homestead may file a claim on

contact the administrator for the amount to enter, or

their portion. Enter the prorated gross property tax on

enter 20% of your benefits if you lived in a nursing

line J or, if applicable, the prorated property tax base on

home, or 40% if you lived in a care facility.

line L.

Line 11: Social Security income - Enter the total

Example: There are three owners of a home, but only

Social Security benefits received even if not reportable

two reside there. The gross property taxes equal $1,800.

for income tax purposes. Include any Medicare

The prorated amount to be entered on line J is $1,200,

premiums withheld.

because $1,800 x 2/3 = $1,200. Each person may file a

claim using their share of the $1,200. Prorate the

Line 12: Disability income - Enter the total received

Homestead Credit proportionately.

for disability or injury compensation, even if not

reportable for income tax purposes.

Line 6: Mark “Yes” if part of your home was rented or

used for business purposes during 2011. If you marked

Line 13: All pensions and annuities - Enter the total

“Yes,” you are entitled to a credit of property tax due on

received from pensions and annuities, even if not

only that portion of the home utilized as the dwelling

reportable for income tax purposes.

place by yourself and spouse.

Line 14: Interest and dividend income - Enter taxable

The percentage of property tax that is allowable for a

interest income, plus all interest income from federal,

credit is calculated by determining the square footage of

state, and municipal securities.

that portion of the home utilized as the personal

Enter taxable dividends and distributions received.

dwelling by yourself and spouse in proportion to the

Include cash dividends and dividends paid in the form

square footage of the entire home. Enter this percentage

of merchandise or other property and report at fair

in the space provided.

market value.

Example: personal square footage used = 750, total

Line 15: Profit from business and/or farming and

square footage = 1,000. The percentage = 75%. This

capital gain - Enter profit from business and/or

percentage is to be used in computing the amount to

farming, and any gain received from the sale or

enter on line J or, if applicable, the prorated property

exchange of capital assets. Capital losses are limited to

tax base on line L. This computation will adjust the

the same amount that you are allowed to report for

taxes on the land in the homestead in the same

income tax purposes. Any loss must be offset against

proportion.

gain, and a net loss must be reported as zero.

Line 7: Mark “Yes” if part of the land in your

Line 16: Actual money received - Enter money

homestead is rented or rented on shares.

received from others living with you. Do not include

2011 HOUSEHOLD INCOME

goods and services received.

CALCULATION FOR PAGE 1

Line 17: Other income - Enter total income received

from the following sources:

Household income includes the income of yourself and

spouse, if living together, and monetary contributions

(a) Child support and alimony payments.

received from any other person living with you. If you

(b) Welfare payments. Report FIP and all other welfare

and your spouse do not live together, you may file

program cash payments. Do not include foster

separate claims.

grandparents’ stipends or non-cash government

assistance (food, clothing, food stamps, medical

If you received a property tax credit in 2011, do not

supplies, etc.)

report this as income.

Line 8: Wages, salaries, unemployment

(d) Gambling, and all other income not reported

compensation, tips, etc. - Enter the total wages,

elsewhere.

salaries, unemployment compensation, tips, bonuses,

and commissions received.

Line 18: Total household income - Add lines 8

through 17. Enter total here.

54-002b (09/21/11)

Instructions For Form 54-002 - Iowa Property Tax Credit Claim - 2012 Page 2

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