Instructions For Utah Fiduciary Return (Tc-41) - 2013 Page 14
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332013 Utah Fiduciary Income Tax
Page 13
Claim the following apportionable nonrefundable credits
Keep form TC-675H with your records. If you have any
(credits that must be apportioned for nonresidents and
questions about UESP accounts, call UESP at 801-321-
part-year residents) that apply on TC-41A, Part 3 and
7188 or 1-800-418-2551, or visit .
attach it to your Utah return.
Calculation of UESP Tax Credit
On TC-41A, write the code and amount of each ap-
1. Enter the qualifi ed contribution amount
portionable nonrefundable credit you are claiming. Total
from line 1 of form TC-675H.
$__________
these credits, then subtract any apportionable nonrefund-
2. Multiply line 1 by 5% (.05). This is your
able credits being distributed to benefi ciaries on the Utah
UESP tax credit.
$__________
Schedule K-1. Enter the net amount of the credits being
Enter this amount on TC-41A, Part 3, using code 20.
claimed on the fi duciary return and carry this amount on
Note: Any credit that is more than the tax liability may
line 24 of your TC-41. Each apportionable nonrefundable
not be carried back or forward.
credit is explained below.
(24) Qualifying Solar Project Credit
Keep all related documents with your records. You may
(UC §59-10-1024)
have to provide this information later to verify a credit
You may claim a credit of 25% of the amount paid to
claimed on your return.
buy one or more solar units from a qualifying political
Codes for Apportionable Nonrefundable Credits,
subdivision, up to a maximum credit of $2,000 per year.
TC-41A Part 3
This is in addition to any other energy credit you claim.
04 Capital Gain Transactions Credit
A qualifying solar unit is a portion of the electrical out-
Utah Educational Savings Plan (UESP) 529 Plan Credit
20
Qualifying Solar Project Credit
put of an active solar project constructed, controlled or
24
Gold and Silver Coin Sale Credit
26
owned by a qualifying political subdivision, which gen-
erates electricity furnished to and for the benefi t of one
(04) Capital Gain Transactions Credit
or more residential units, and is sold to the taxpayer in
(UC §59-10-1022)
exchange for credit on the taxpayer’s electric bill.
You may claim a credit for the short-term and long-term
capital gain on a transaction if:
Calculation of Qualifying Solar Project Credit
a. The transaction occurs during the taxable year;
1. Amount paid for solar unit(s)
$__________
b. At least 70% of the gross proceeds of the transac-
2. Multiply line 1 by 25% (.25)
$__________
tion are used to buy stock in a qualifi ed Utah small
business corporation within 12 months from when
3. Enter the lesser of line 2 or $2,000.
This is your credit.
$__________
the capital gain transaction occurred; and
Enter this amount on TC-41A, Part 3, using code 24.
c. You did not have an ownership interest in the quali-
fi ed Utah small business corporation at the time of
Note: Any credit that is more than the tax liability or in
investment.
excess of $2,000 may be carried forward as a credit for
the next four years.
See incometax.utah.gov/credits/capital-gains for
more information.
There is no form for this credit. Keep all related docu-
ments with your records.
There is no form for this credit. Keep all related docu-
ments with your records.
For more information, contact your city or electrical
utility provider.
Calculation of Capital Gain Transactions Tax Credit
(26) Gold and Silver Coin Sale Credit
1. Eligible short-term or long-term
(UC §59-10-1028)
capital gain
$__________
Capital gains recognized on the sale or exchange of gold
2. Multiply line 1 by 5% (.05). This is your
and silver coins issued by the United States government
credit.
$__________
and reported on a fi duciary federal income tax return
Enter this amount on TC-41A, Part 3, using code 04.
are eligible for an apportionable non-refundable credit
Note: Any credit that is more than the tax liability may
against Utah tax.
not be carried back or forward.
You may also include any gold or silver coin or bullion,
(20) Utah Educational Savings Plan (UESP) 529
other than that issued by the United States, if a court
Plan Credit
of competent jurisdiction issues a fi nal, unappealable
(UC §59-10-1017)
judgment or order determining that Utah may recognize
If a qualifi ed contribution was made to your Utah Edu-
the gold or silver coin or bullion as legal tender in the
cational Savings Plan (UESP) 529 account, you may
state, or congress enacts legislation expressly providing
claim a nonrefundable credit. To qualify, the contribution
that such coin or bullion is legal tender.
must be made during the taxable year and must not have
To qualify for the credit, all of the following conditions
been deducted on your federal return. The credit is 5
must be met:
percent of contributions made (up to $1,840 per qualifi ed
1. The capital gain transaction must be for the sale or
benefi ciary) during the tax year, with a maximum credit
exchange of gold or silver coin issued by the federal
of $92 per qualifi ed benefi ciary.
government for another form of legal tender;
If you are a UESP account owner, you will receive form
2. The capital gain transaction must result in a short-term
TC-675-H, Utah Educational Savings Plan Tax Statement
or long-term capital gain (defi ned in IRC §1222) that
for Contributions, Withdrawals, and Transfers, from UESP.
is reported on Schedule D of your federal fi duciary
Use the qualifi ed amount from box 1 of form TC-675H
return;
to calculate the credit.
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