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Screen OHCr - Ohio Credits (1040)
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Nonrefundable Credits
Retirement income included in Ohio adjusted gross income (Force)
Use fields to force an amount different from the calculation. Distributions from IRAs are assumed qualifying if the individual is older than 59 1/2. You can negate this assumption by entering the state use code
72
or identify other distributions as qualifying by entering the state use code 10
or 11
on the federal 1099R screen.Retirement income credit (Force)
Use this field to force a credit different from the calculated amount (1 = 0, 2 = 25, 3 = 50, 4 = 80, 5 = 130, 6 = 200). UltraTax CS calculates the credit by applying qualifying retirement income against the retirement income credit table as found in Form IT1040 instructions.
Senior citizen credit (Force)
Use this field to force a credit different from the calculated amount (Enter
1 = zero
if a lump sum distribution credit has been taken, 2 = 50
). UltraTax CS calculates a credit if the taxpayer or spouse is age 65 or older. Enter 0
(zero) if a lump sum distribution credit has been taken in any year.Lump sum distribution credit
Enter the amount of the taxpayer and spouse lump sum distribution credit to be claimed on the Ohio Schedule of Credits. You'll need to complete the Ohio Lump Sum Retirement/Distribution Credit Worksheet located in the
Non Calculating
folder to receive this credit.Lump sum retirement credit
Enter the amount of the taxpayer and spouse lump sum retirement credit to claim on the Ohio Schedule of Credits. You'll need to complete the Ohio Lump Sum Retirement/Distribution Credit Worksheet located in the
Non Calculating
folder to receive this credit.Displaced worker training credit: Training expenses for 12-month period since loss of job
Enter the amounts paid by the taxpayer and spouse for unreimbursed displaced worker training expenses. Expenses need to be paid in the current or prior tax year during the 12-month period beginning with the date of the job loss.
Displaced worker training credit: training credit claimed
UltraTax CS calculates an individual's training credit as one-half of expenses paid, not to exceed $500.00 per person. Prior year training credit claimed reduces the credit enabled in the current year. Each year, the
Displaced worker training credit
amounts proforma to the next year's Prior year training credit claimed
.Campaign contributions credit
Enter the amount the taxpayer and spouse contributed to qualifying Ohio campaign contributions. The credit limit is $50.00 on a single return and $100.00 on a joint return.
Joint filing credit
If this credit is calculated on the current return but the filers don't qualify, enter code
2
(No) in the (Force)
field. Conversely, if the filers are entitled to a credit but none was calculated, enter the code 1
(Yes) in the (Force)
field and complete the submittable Statement of qualifying income
.Home school educational expenses
To claim this credit, the following need to be true:
- You received a letter from your school district's superintendent which both excused your dependents from in-class attendance and approved a parent or eligible guardians to give home instruction; and
- You incurredeligibleeducational expenses as defined in the following:
- Books and subscriptions
- School supplies and supplementary materials,
- Computer software and applications
note- Education expensesdo notinclude expenses or fees for computers or similar electronic devices or accessories.
- You can claim only 1 credit per return, regardless of filing status.
Scholarship granting organization donation
You can claim a credit for monetary donation to an eligible scholarship granting organization (SGO). You may also qualify to claim a credit for your proportionate or distributive share of the monetary donation, not to exceed $750 per investor, made by a pass-through entity, in which you have an ownership.
The credit equals the lesser of $750 or the total amount donated. If you are filing a joint return and both of you and your spouse made eligible donations, each can claim this credit (up to $1,500 total).
Beginning in tax year 2023, the credit can also be claimed for donations made on or before the unextended due date of the return. A credit can't be claimed for 2 taxable years on the basis of the same donation.
An organization will need to be certified by the Ohio Attorney General to be an eligible SGO.
Nonchartered nonpublic school tuition
To qualify for this credit, you must pay tuition for your dependent(s) to an eligible nonchartered, nonpublic school that has been approved by the Ohio Department of Education.
Starting 2023 the credit equals the lesser of the tuition paid for all dependents or:
- $1,000 if your federal adjusted gross income is less than $50,0000; or
- $1,500 if your federal adjusted gross income is $50,000 or above.
A list of approved nonchartered, nonpublic schools for each school year is available on the Ohio Department of Education's website.
Adoption credit carryover
Use these fields to enter the OH Adoption Credit carryovers, if any, for the taxpayer and spouse from prior years.
Nonrefundable business credits
Enter the taxpayer and spouse nonrefundable portion of qualifying business job credits.
Refundable Credits
UltraTax CS uses the information in this section to complete Form IT 1040. Information is needed in the statements for electronic filing. The pass-through entity credit is the total of Ohio withholding entered on the federal
K1-4
screen and trust paid Ohio estimated tax entered on the federal K1T-2
screen.Historical preservation credit
Enter the taxpayer and spouse historical building rehabilitation credit amounts. Include a copy of the Ohio Department of Development certificate with the return.
Job creation credit and job retention credit, refundable portion
Enter the taxpayer and spouse refundable portion of qualifying business job credit.
Motion picture investment credit
Enter the taxpayer and spouse refundable portion of the motion picture investment credit.
Venture capital credit
Enter the taxpayer and spouse venture capital tax credit.
Film and theater capital improvements credit
Enter the taxpayer and spouse film and theater capital improvements credit.