Instructions For Individual Income Tax Return (Tc-40) - 2013 Page 19
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3017
Part 3 - Apportionable Nonrefundable
the total of your modifi ed adjusted gross income, nontaxable
interest income, and any additions to income reported on
Credits
TC-40A, Part 1.
Apportionable nonrefundable credits can reduce your income
2. Taxpayers under age 65 who were born before
tax to zero, but any credit greater that the tax will not be
January 1, 1953
refunded.
Each taxpayer (you, and/or your spouse if fi ling jointly)
Claim the following apportionable nonrefundable credits
under age 65 as of December 31, 2013 and born before
(credits that must be apportioned for nonresidents and part-
January 1, 1953, who received eligible retirement income,
year residents) that apply on TC-40A, Part 3 and attach it to
may qualify for a credit up to $288, but not more than 6%
your Utah return.
of the qualifying income. The credit is limited by the total of
your modifi ed adjusted gross income, nontaxable interest
On TC-40A, write the code and amount of each apportionable
income, and any additions to income reported on TC-40A,
nonrefundable credit you are claiming. Enter the sum of
Part 1.
these credits being claimed on line 24 of your TC-40. Each
apportionable nonrefundable credit is explained below.
Note: The retirement credit is phased-out when modifi ed
adjusted gross income exceeds certain amounts based on
Keep all related documents with your records. You may have
fi ling status (shown on line 15 of TC-40C). When calculating
to provide this information later to verify a credit claimed on
modifi ed adjusted gross income on line 14, do not include
your return.
any municipal bond interest on line 13 reported on TC-40A,
Codes for Apportionable Nonrefundable Credits, TC-40A Part 3
Part 1, code 57.
04 Capital Gain Transactions Credit
Qualifying Income
18 Retirement Tax Credit
Qualifying income is pensions, annuities or taxable retirement
20 Utah Educational Savings Plan (UESP) 529 Plan Credit
social security benefi ts. To claim the credit you must have
22 Medical Care Savings Account (MSA) Credit
earned the qualifying income. You cannot use pension, annuity
23 Health Benefi t Plan Credit
or social security income of your spouse as your qualifi ed
24 Qualifying Solar Project Credit
income.
26 Gold and Silver Coin Sale Credit
The following are retirement income:
(04) Capital Gain Transactions Credit
1. Amounts paid from an annuity contract bought under a
(UC §59-10-1022)
plan your employer contributed to and you cannot revoke
You may claim a credit for the short-term and long-term
under IRC Section 404(a)(2);
capital gain on a transaction if:
2. Amounts purchased by an employee under a plan that
1. The transaction occurs on or after January 1, 2008;
meets the requirements of IRC Section 408 (IRA plans);
2. At least 70% of the gross proceeds of the transaction
3. Amounts paid by the United States, a state thereof, or the
are used to buy stock in a qualifi ed Utah small business
District of Columbia; and
corporation within 12 months from when the capital gain
4. Taxable retirement social security benefi ts (excluding
transaction occurred; and
survivor benefi ts), only if included in your federal adjusted
3. You did not have an ownership interest in the qualifi ed Utah
gross income.
small business corporation at the time of investment.
Income That Does NOT Qualify
Calculation of Capital Gain Transactions Tax Credit
1. Disbursements from deferred compensation plans, such
________
1. Eligible short-term or long-term capital gain
$
as Section 401(k) and Section 457 plans; and
2. Social security survivor benefi ts a child receives on behalf
________
2. Multiply line 1 by 5% (.05). This is your credit.
$
of a deceased employee.
Enter this amount on TC-40A, Part 3, using code 04.
(20) Utah Educational Savings Plan (UESP) 529 Plan
See incometax.utah.gov/credits/capital-gains for more
Credit (UC §59-10-1017)
information.
If a qualifi ed contribution was made to your Utah Educational
Savings Plan (UESP) 529 account, you may claim a
There is no form for this credit. Keep all related documents
nonrefundable credit. To qualify, the contribution must be
with your records.
made during the taxable year and must not have been
Note: Any credit that is more than the tax liability may not
deducted on your federal return.
be carried back or forward.
If your tax fi ling status is single, head of household, married
(18) Retirement Tax Credit
fi ling separate, or qualifying widow(er), the credit is 5 percent
(UC §59-10-1019)
of contributions made (up to $1,840 per qualifi ed benefi ciary)
Complete form TC-40C to calculate your retirement credit.
during the tax year, with a maximum credit of $92 per qualifi ed
Enter the amount from TC-40C, line 18 on TC-40A, Part 3,
benefi ciary.
using code 18. Attach the TC-40C to your Utah return.
If married fi ling jointly, the credit is 5 percent of contributions
Note: Any retirement credit that is more than the tax liability
made (up to $3,680 per qualifi ed benefi ciary) during the tax
may not be carried back or forward.
year, with a maximum credit of $184 per qualifi ed benefi ciary.
If both you and your spouse receive a TC-675H form for
1. Taxpayers age 65 or older
contributions for the same benefi ciary, you must limit your
Each taxpayer (you, and/or your spouse if fi ling jointly) age
total aggregated tax credit to $184 for that benefi ciary.
65 or older as of December 31, 2013 may be allowed a
retirement credit of up to $450. (If a taxpayer died during
If you are a UESP account owner, you will receive form TC-
the year, the age on the date of death is used to determine
675H, Utah Educational Savings Plan Tax Statement for
if that taxpayer was age 65 or older.) This credit is limited by
Contributions, Withdrawals, and Transfers, from UESP. Your
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