Tc-40 Forms And Instructions - Individual Income Tax Page 19
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
3117
Part 3 - Apportionable Nonrefundable
B. Taxpayers under age 65 who were born before
January 1, 1953
Credits
Each taxpayer (you, and/or your spouse if fi ling jointly)
Apportionable nonrefundable credits can reduce your income
under age 65 at the end of 2012 and born before January
tax to zero, but cannot result in a refund.
1, 1953, who received eligible retirement income, may
Claim the following apportionable nonrefundable credits
qualify for a credit up to $288, but not more than 6% of
(credits that must be apportioned for nonresidents and part-
the qualifying income. The credit is limited by the total of
year residents) that apply on TC-40A, Part 3 and attach it to
your modifi ed adjusted gross income, nontaxable interest
your Utah return.
income, and any additions to income reported on TC-40A,
Part 1.
On TC-40A, write the code and amount of each apportionable
nonrefundable credit you are claiming. Enter the sum of
Note: The retirement credit is phased-out when modifi ed
these credits being claimed on line 24 of your TC-40. Each
adjusted gross income exceeds certain amounts based on
apportionable nonrefundable credit is explained below.
fi ling status (shown on line 15 of TC-40C). When calculating
modifi ed adjusted gross income on line 14, do not include
Keep all related documents with your records. You may have
any municipal bond interest on line 13 reported on TC-40A,
to provide this information later to verify a credit claimed on
Part 1, code 57.
your return.
Qualifying Income
Codes for Apportionable Nonrefundable Credits, TC-40A Part 3
Qualifying income is pensions, annuities or taxable retirement
04 Capital Gain Transactions Credit
social security benefi ts. To claim the credit you must have
18 Retirement Tax Credit
earned the qualifying income. You cannot use pension, annuity
20 Utah Educational Savings Plan (UESP) 529 Plan Credit
or social security income of your spouse as your qualifi ed
22 Medical Care Savings Account (MSA) Credit
income.
23 Health Benefi t Plan Credit
24 Qualifying Solar Project Credit
The following are retirement income:
26 Gold and Silver Coin Sale Credit
• Amounts paid from an annuity contract bought under a
plan your employer contributed to and you cannot revoke
(04) Capital Gain Transactions Credit
under IRC Section 404(a)(2);
(UC §59-10-1022)
• Amounts purchased by an employee under a plan that
You may claim a credit for the short-term and long-term
meets the requirements of IRC Section 408 (IRA plans);
capital gain on a transaction if:
• Amounts paid by the United States, a state thereof, or the
a. The transaction occurs on or after January 1, 2008;
District of Columbia; and
b. At least 70% of the gross proceeds of the transaction
• Taxable retirement social security benefi ts (excluding
are used to buy stock in a qualifi ed Utah small business
survivor benefi ts), only if included in your federal adjusted
corporation within 12 months from when the capital gain
gross income.
transaction occurred; and
c. You did not have an ownership interest in the qualifi ed Utah
Income That Does NOT Qualify
small business corporation at the time of investment.
• Disbursements from deferred compensation plans, such
as Section 401(k) and Section 457 plans; and
Calculation of Capital Gain Transactions Tax Credit
• Social security survivor benefi ts a child receives on behalf
________
of a deceased employee.
1. Eligible short-term or long-term capital gain
$
________
2. Multiply line 1 by 5% (.05). This is your credit.
$
(20) Utah Educational Savings Plan (UESP) 529 Plan
Enter this amount on TC-40A, Part 3, using code 04.
Credit (UC §59-10-1017)
If a qualifi ed contribution was made to your Utah Educational
See incometax.utah.gov/credits/capital-gains for more
Savings Plan (UESP) 529 account, you may claim a
information.
nonrefundable credit. To qualify, the contribution must be
made during the taxable year and must not have been
There is no form for this credit. Keep all related documents
deducted on your federal return.
with your records.
If your tax fi ling status is single, head of household, married
Note: Any credit that is more than the tax liability may not
fi ling separate, or qualifying widow(er), the credit is 5% of
be carried back or forward.
contributions made (up to $1,780 per qualifi ed benefi ciary)
(18) Retirement Tax Credit
during the tax year, with a maximum credit of $89 per qualifi ed
(UC §59-10-1019)
benefi ciary.
Complete form TC-40C to calculate your retirement credit.
If married fi ling jointly, the credit is 5% of contributions made
Enter the amount from TC-40C, line 18 on TC-40A, Part 3,
(up to $3,560 per qualifi ed benefi ciary) during the tax year,
using code 18. Attach the TC-40C to your Utah return.
with a maximum credit of $178 per qualifi ed benefi ciary.
Note: Any retirement credit that is more than the tax liability
If both you and your spouse receive a TC-675H form for
may not be carried back or forward.
contributions for the same benefi ciary, you must limit your
total aggregated tax credit to $178 for that benefi ciary.
A. Taxpayers age 65 or older as of December 31, 2012
Each taxpayer (you, and/or your spouse if fi ling jointly) age
If you are a UESP account owner, you will receive form TC-
65 or older at the end of 2012, may be allowed a retirement
675H, Utah Educational Savings Plan Tax Statement for
credit of up to $450. This credit is limited by the total of
Contributions, Withdrawals, and Transfers, from UESP. Your
your modifi ed adjusted gross income, nontaxable interest
allowable credit is shown on line 1A or line 1B, whichever
income, and any additions to income reported on TC-40A,
applies. Enter this credit on TC-40A, Part 3, using code 20.
Part 1.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Form Pit-8453 - Individual Income Tax Declaration For Electronic Filing And Transmittal
Financial
Instructions For Form 540x - Amended Individual Income Tax Return - Franchise Tax Board - 1999
Financial
Instructions For Form 540x - Amended Individual Income Tax Return - Franchise Tax Board - 2002
Financial
Instructions For Form 540x - Amended Individual Income Tax Return - Franchise Tax Board - 1998
Financial
Related Categories
Parent category: Financial