Schedule H - Columbia Homeowner And Renter Property Tax Credit - 2015 Page 5
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6COMPUTING YOUR PROPERTY TAX CREDIT WORKSHEET
This credit may not be claimed if you live in a property owned by a government, a house of worship or a nonprofit organizatio .
The credit equals a percentage of the property taxes paid or the portion of the rent paid that is equivalent to property taxes
(20% of rent paid) in excess of the applicable percentage of the total federal adjusted gross income of the tax filing unit. The
maximum credit amount is $1000.
If you are under age 70 and the
Percentage -
Federal AGI of your tax filing unit is
The amount of property tax that exceeds 3.0% of the adjusted gross income of the tax filing unit
$0 - $24,999
The amount of property tax that exceeds 4.0% of the adjusted gross income of the tax filing unit
$25,000 - $40,000
If you are age 70 or older and the
Percentage -
Federal AGI of your tax filing unit is
The amount of property tax that exceeds 3.0% of the adjusted gross income of the tax filing unit
$0 - $60,000
1. Enter federal AGI of tax filing unit (Line 1, Section A, Schedule
or
1. __________________________
Line 8, Section B, Schedule H).
2. Enter property taxes paid in 2015 or 20% of rent paid in 2015.
2. __________________________
3. Multiply Line 1 by the applicable percentage (.03 or .04).
3. __________________________
4. Balance (Subtract Line 3 from Line 2).
4. __________________________
$1000.00
5. Property Tax Credit Limit.
5. __________________________
6. Enter the smaller of Line 4 or Line 5 here on Line 6 and on Line 4
6. __________________________
of Schedule H, Section A for credit based on rent paid, or Line 10
of Schedule H, Section B for credit based on property tax paid.
Round to the nearest whole dollar.
2015 SCHEDULE H WORKSHEET P5
Homeowner and Renter Property Tax Credit
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