Form Tc-41 - Fiduciary Income Tax - 2012 Page 14
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31Page 12
2012 Utah Fiduciary Income Tax
part-year residents) that apply on TC-41A, Part 3 and
Keep form TC-675H with your records. If you have any
attach it to your Utah return.
questions about UESP accounts, call UESP at 801-321-
7188 or 800-418-2551, or visit .
On TC-41A, write the code and amount of each ap-
portionable nonrefundable credit you are claiming. Total
Calculation of UESP Tax Credit
these credits, then subtract any apportionable nonrefund-
1. Enter the qualifi ed contribution amount
able credits being distributed to benefi ciaries on the Utah
from line 1 of form TC-675H
$__________
Schedule K-1. Enter the net amount of the credits being
2. Multiply line 1 by 5% (.05). This is your
claimed on the fi duciary return and carry this amount on
UESP tax credit.
$__________
line 24 of your TC-41. Each apportionable nonrefundable
Enter this amount on TC-41A, Part 3, using code 20.
credit is explained below.
Note: Any credit that is more than the tax liability may
Keep all related documents with your records. You may
not be carried back or forward.
have to provide this information later to verify a credit
(24) Qualifying Solar Project Credit
claimed on your return.
(UC §59-10-1024)
Codes for Apportionable Nonrefundable Credits,
You may claim a credit of 25% of the amount paid to
TC-41A Part 3
buy one or more solar units from a qualifying political
04 Capital Gain Transactions Credit
subdivision, up to a maximum credit of $2,000 per year.
Utah Educational Savings Plan (UESP) 529 Plan Credit
20
This is in addition to any other energy credit you claim.
Qualifying Solar Project Credit
24
Gold and Silver Coin Sale Credit
26
A qualifying solar unit is a portion of the electrical out-
put of an active solar project constructed, controlled or
(04) Capital Gain Transactions Credit
owned by a qualifying political subdivision, which gen-
(UC §59-10-1022)
erates electricity furnished to and for the benefi t of one
You may claim a credit for the short-term and long-term
or more residential units, and is sold to the taxpayer in
capital gain on a transaction if:
exchange for credit on the taxpayer’s electric bill.
a. The transaction occurs on or after January 1, 2008;
b. At least 70% of the gross proceeds of the transac-
Calculation of Qualifying Solar Project Credit
tion are used to buy stock in a qualifi ed Utah small
1. Amount paid for solar unit(s)
$__________
business corporation within 12 months from when
2. Multiply line 1 by 25% (.25)
$__________
the capital gain transaction occurred; and
c. You did not have an ownership interest in the quali-
3. Enter the lesser of line 2 or $2,000.
This is your credit.
$__________
fi ed Utah small business corporation at the time of
Enter this amount on TC-41A, Part 3, using code 24.
investment.
See incometax.utah.gov/credits/capital-gains for
Note: Any credit that is more than the tax liability or in
more information.
excess of $2,000 may be carried forward as a credit for
the next four years.
There is no form for this credit. Keep all related docu-
There is no form for this credit. Keep all related docu-
ments with your records.
ments with your records.
Calculation of Capital Gain Transactions Tax Credit
For more information, contact your city or electrical
1. Eligible short-term or long-term
utility provider.
capital gain
$__________
(26) Gold and Silver Coin Sale Credit
2. Multiply line 1 by 5% (.05). This is your
(UC §59-10-1028)
credit.
$__________
Capital gains recognized on the sale or exchange of gold
Enter this amount on TC-41A, Part 3, using code 04.
and silver coins issued by the United States government
Note: Any credit that is more than the tax liability may
and reported on a fi duciary federal income tax return
not be carried back or forward.
are eligible for an apportionable non-refundable credit
(20) Utah Educational Savings Plan (UESP) 529
against Utah tax.
Plan Credit
You may also include any gold or silver coin or bullion,
(UC §59-10-1017)
other than that issued by the United States, if a court
If a qualifi ed contribution was made to your Utah Edu-
of competent jurisdiction issues a fi nal, unappealable
cational Savings Plan (UESP) 529 account, you may
judgment or order determining that Utah may recognize
claim a nonrefundable credit. To qualify, the contribution
the gold or silver coin or bullion as legal tender in the
must be made during the taxable year and must not
state, or congress enacts legislation expressly providing
here been deducted on your federal return. The credit
that such coin or bullion is legal tender.
is 5% of contributions made (up to $1,780 per qualifi ed
To qualify for the credit, all of the following conditions
benefi ciary) during the tax year, with a maximum credit
must be met:
of $89 per qualifi ed benefi ciary.
1. The capital gain transaction must be for the sale or
If you are a UESP account owner, you will receive form
exchange of gold or silver coin issued by the federal
TC-675-H, Utah Educational Savings Plan Tax Statement
government for another form of legal tender;
for Contributions, Withdrawals, and Transfers, from UESP.
2. The capital gain transaction must result in a short-term
Use the qualifi ed amount from line 1 of form TC-675H
or long-term capital gain (defi ned in IRC §1222) that
to calculate the credit.
is reported on Schedule D of your federal fi duciary
return;
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