Tc-40 Forms And Instructions - Individual Income Tax Page 20
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Keep form TC-675H with your records. If you have any
6. All dental, vision, supplemental health, or Medicare
questions about UESP accounts, call UESP at 801-321-7188
supplemental policies if not part of your health benefi t plan.
or 800-418-2551, or visit .
The maximum credit is:
Note: Any credit that is more than the tax liability may not
• $300 for a single taxpayer (including married fi ling sepa-
be carried back or forward.
rately, head of household, and qualifying widow(er)) with
no dependents,
(22) Medical Care Savings Account (MSA) Tax Credit
• $600 for a married couple fi ling jointly with no dependents,
(UC §59-10-1021)
and
If you made a qualifi ed investment in a Medical Care Savings
• $900 for all taxpayers (any fi ling status) with dependents.
Account (MSA) and did not deduct that investment on your
federal form 1040, you may use the MSA amount to calculate
There is no form for this credit. Keep all related documents
your Utah credit.
with your records.
Contributions to a health savings account (HSA) or a fl exible
Calculation of Health Benefi t Plan Credit
1. Amount paid for health benefi t plan
$________
spending account (FSA) account do not qualify for this credit.
2. Excluded amount (see instructions)
(________)
The Utah resident account holder of an MSA receives form
3. Subtract line 2 from line 1
$________
TC-675M, Statement of Withholding for Utah Medical Savings
4. Multiply line 3 by 5% (.05).
$________
Account, from the account administrator. Include the sum of
5. Enter maximum credit allowed per return
lines 5 and 6, on line 1 of the calculation below. Keep form
$300 for single taxpayer with no dependents
TC-675M with your records.
$600 for married fi ling jointly with no dependents
$900 for all taxpayer(s) with dependents
$________
Calculation of Medical Care Savings Account Tax Credit
1. Eligible amount for credit from line 5 and line 6
6. Enter the lesser of line 4 or line 5. This is your credit.
________
of form TC-675M
$
Enter this amount on TC-40A, Part 3, using code 23. $________
________
2. Multiply line 1 by 5% (.05). This is your MSA credit. $
Note: Any credit that is more than the tax liability may not
Enter this amount on TC-40A, Part 3, using code 22.
be carried back or forward.
Note: Any credit that is more than the tax liability may not
See incometax.utah.gov/credits/health-benefit-plans-
be carried back or forward.
credit for more information.
(23) Health Benefi t Plan Credit
(24) Qualifying Solar Project Credit
(UC §59-10-1023)
(UC §59-10-1024)
Amounts itemized or otherwise deducted in
You may claim a credit of 25% of the amount paid to buy one
determining federal taxable income, or used to claim a
or more solar units from a qualifying political subdivision, up
federal credit, cannot be used for this Utah credit.
to a maximum credit of $2,000 per year. This is in addition to
You may claim a credit of 5% of the amount paid for a health
any other energy credit you claim.
benefi t plan only if you, or your spouse on a joint return, are not
A qualifying solar unit is a portion of the electrical output of
insured under a health benefi t plan maintained and funded in
an active solar project constructed, controlled or owned by
whole or in part by your employer or another person’s employer.
a qualifying political subdivision, which generates electricity
You cannot claim this credit if you choose not to participate in
furnished to and for the benefi t of one or more residential
a plan maintained and funded by a current or former employer.
units, and is sold to the taxpayer in exchange for a credit on
You also cannot use pre-tax deductions from wages through
the taxpayer's electric bill.
employer-sponsored programs, such as a cafeteria or fl ex plan,
to claim the credit.
Calculation of Qualifying Solar Project Credit
1. Amount paid for solar unit(s)
$________
Payments to COBRA health plans qualify for this credit if
2. Multiply line 1 by 25% (.25)
$________
100% of the premiums are paid by you or your spouse, and
3. Enter lesser of line 2 or $2,000. This is your credit. $________
are not subsidized or funded by the current or former employer
Enter this amount on TC-40A, Part 3, using code 24.
or another person’s employer. You cannot claim COBRA
payments if you choose not to participate in a plan maintained
and funded by a current or former employer.
Note: Any credit that is more than the tax liability or in excess
of $2,000 may be carried forward for the next four years.
Excluded Amounts
The credit is 5% of amounts paid for health benefi t plans (but
There is no form for this credit. Keep all related documents
not self-insurance) after deducting the following:
with your records.
1. Amounts used to calculate a credit for health insurance
For more information, contact your city or electrical utility
costs of eligible individuals (IRC Section 35),
provider.
2. Income exclusions for employer-provided coverage under
an accident or health plan (IRC Section 106),
(26) Gold and Silver Coin Sale Credit
3. Cafeteria or employer plans covering all employees who
(UC §59-10-1028)
may choose among two or more cash and qualifi ed benefi ts
Capital gains recognized on the sale or exchange of gold
(IRC Section 125),
and silver coins issued by the United States government
4. Trade or business expenses for self-employed individuals
and reported on an individual federal income tax return are
up to 100% of premiums paid, but not more than your net
eligible for an apportionable non-refundable credit against
business income (IRC Section 162),
Utah tax.
5. Medical and dental expenses deducted on federal Schedule
A that are more than 7.5% of your federal adjusted gross
income (IRC Section 213), and
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