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Screen UTCr — Utah Credits (1040)
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Apportionable Nonrefundable Credits
Capital gain transaction credit — eligible amount of short or long-term gain (code 04)
Enter the dollar amount the credit is based on. The credit is 5% of the amount.
Utah my529 educational saving plan credit (code 20)
Enter the number of beneficiaries and contribution for the year from Form TC-675H. The credit calculates as 5% of the total contribution, limited by the maximum contribution per beneficiary.
Exclude amounts entered on the federal
1099Q
screen with State use
code 15
. note
The credit for those contributions has already been calculated.
Gold and silver coin sale credit - capital gains / losses (code 26)
Enter the capital gains and/or losses recognized on the sale or exchange of gold or silver coins. These amounts are used to calculate the
Gold and Silver Coin Sale Credit Worksheet
. The calculated credit is included on Form TC-40A, Part 3.Nonapportionable Nonrefundable Credits
Use this section to complete Form TC-40A Part 4, Nonapportionable Nonrefundable Credits. To claim the Achieving a Better Life Experience Program (ABLE) credit, enter the amount contributed in the current year, State code
UT
, and State use code 24
on the federal 1099QA
screen. The credit calculates at 5 percent of contributions.At-home parent credit — taxpayer who provides at-home care (code 01)
Indicate which parent is the at-home parent. The credit is $100 per eligible child, as indicated by state use code
14
in the Dependent information
statement on the federal 1040
screen. The at-home parent's earnings from wages or self-employment can't exceed $3,000 and the joint federal AGI can't exceed $50,000.Qualified sheltered workshop cash contribution credit (code 02)
Enter the name of the workshop and the total cash contribution amount. The Form TC-40 credit amount is limited to the lesser of $200 or one-half of the total cash contribution.
Historic preservation credit (code 06)
Enter the total cost incurred to restore residential certified historic buildings. The Utah State Historic Preservation Tax Credit program offers 20% credit for qualified expenses. Refer to Form TC-40H instructions for details.
Increasing Research activities credit (code 12)
Enter qualified expenses incurred in connection to increasing research activities in Utah. Refer to Form TC-40 instructions for allowable credit amounts for increasing research activities.
Research machinery and equipment carryover credit (code 13)
Enter carry forward of research machinery and equipment credit claimed for tax year after 1998, but before 2011. Refer to Form TC-40 instructions for details.
Live organ donation expenses credit — expenses incurred (code 19)
Enter qualified expenses incurred for donating organs. This credit is limited to $10,000 of qualified expenses a year with the balance allowed to be carried forward. Refer to Form TC-40T for record retention requirements and other details.
Renewable residential energy systems tax credit (code 21)
Enter expenses incurred in connection with a residential energy system installation. Utah recommends that a
Form TC-40E - Renewable Residential and Commercial Energy Systems Tax Credits certificate
should be obtained from the Governor's Office of Energy Development showing the amount of the approved credit.Combat related death credit - code / Part-year resident combat related death credit (Force)
Indicate which spouse(s) qualifies for this credit. This credit calculates automatically. For a part-year resident's combat-related death, enter an amount if different from the calculated amount.
Veteran employment tax credit (code 27)
Enter the amount of credit approved by the Department of Workforce for hiring veterans. Refer to Utah's Department of Workforce Services website for qualification and application details.
Employing persons who are homeless credit (code 28)
Enter the amount of credit approved by the Department of Workforce for hiring a homeless person. This credit can be carried forward for the next five years. Refer to Utah's Department of Workforce Services website for details.
Military survivor benefits credit (code AA)
Utah allows this credit for a surviving spouse or dependent child of a deceased military member for taxes paid on the survivor benefits. If the deceased service member was retired, take the Military Retirement Credit (code AJ).
Carson Smith opportunity credit
Enter the amount of Carson Smith opportunity credit approved by the scholarship granting organization. This credit is up to 100% of the qualified contribution. If the taxpayer claimed this donation as an itemized deduction on the federal return, this credit may not be claimed.
PTE credit carryover (5 year carryforward)
Enter the amount of PTE credit carryover from prior years. This carryover will display as Code AP on Form TC-40A, Part 4. If you entered a current year PTE credit on Screen K1-4 also, Code AP will include current year credit plus carryovers from prior years. PTE credit carryforwards will not show up as Code 67 addition on Form TC-40A, part 1 because this credit carryforwards were already part of addition last year. Currently, UltraTax does not keep track of any unused PTE carryovers.
Refundable Credits
Renewable commercial energy systems credit (code 39)
Enter the approved amount of commercial energy systems credit from Form TC-40E.
Agricultural off-highway gas and undyed diesel tax credit — gallons of fuel (code 47)
Enter the total gallons of motor fuel and undyed diesel fuel purchased in Utah and used for commercial non-highway agricultural use. The credit amount calculates at a specified rate per gallon.
Farm operation hand tools sales and use tax credit (code 48)
Enter the amount of sales and use tax paid for hand tools purchased and used or consumed primarily and directly in a farming operation in Utah. The credit only applies if the purchase price of a tool is more than $250.
Other Credits
Use this section to complete Form TC-40A Part 4 Nonapportionable Nonrefundable Credits and Part 5 Refundable Credits.
Other credits — enter applicable code and credit amount
Enter 2-character codes for refundable and nonrefundable credits, along with the amount of credit to claim in this statement. Valid entries are shown on Schedule TC-40A as nonapportionable nonrefundable credits or as refundable credits. Attach any necessary documentation.