Utah Tax Credit Resources

Looking to see if you have any additional credits available to you on your Utah State Tax return? Here are the most common credits available to individual taxpayers. Always make sure to keep all related documents, including credit forms, with your records. You may have to provide this information later to verify a credit claimed on your return. If you have any specific questions about your return or these credits, contact your CPA or tax preparer.

Learn More:

Capital Gains Transaction Credit:

You may claim a credit for short/long term capital gain on a transaction if the transaction occurs on or after Jan. 1, 2008, and at least 70% of the gross proceeds are used to buy stock in a Utah Small Business within 12 months from when the capital gain transaction occurred. You may not have an ownership interest in that Utah Small Business.

my529 Credit (formerly Utah Educational Savings Plan):

You may claim a nonrefundable credit if you made qualified contributions to your Utah Educational Savings Plan. In order to qualify, the contribution has to be made during the taxable year and mush not have been deducted on your federal return.

Health Benefit Plan Credit:

You can claim a credit for a health benefit plan only if you or your spouse filing jointly, were not insured under a health plan that was maintain by your employer. You cannot claim this credit if you choose to not participate in a health plan funded by your current or former employer. You cannot claim this credit if you itemized on the federal return or used pre-tax dollars to pay for the health plan.

Gold and Silver Coin Sale Credit:

Capital gains from the sale or exchange of gold and silver coins that were issued by the U.S. government and reported on your federal return, may be eligible for a nonrefundable credit against Utah tax. To qualify for this credit, the capital gain must be from the sale or exchange of gold/silver coin issued by the US government, the gain must result in a short or long term gain reported on Schedule D, any eligible gain must be offset by any capital loss for federal purposes, AND the transaction had to have taken place during the taxable year.

Retirement Credit:

If you were born on or before Dec. 31, 1952, (and/or your spouse if filing jointly) may take a retirement credit of up to $450. This credit is limited by the total of your modified adjusted gross income, nontaxable interest income, and any additions to income. The credit will begin to phaseout when your Modified AGI exceeds certain amounts that are based off of your filing status.

You cannot carry this credit back or forward if it is more than your tax liability.

Social Security Benefits Credit:

You may qualify for this credit if you, your spouse (if filing jointly) or a dependent received taxable Social Security retirement, disability, or survivor benefits. You may not claim this credit if you claim Retirement credit.

Military Retirement Credit:

If you, your spouse (if filing jointly), or a dependent received taxable military retirement or survivor benefits, you may qualify for this credit. Military retirement pay means retirement pay, including survivor benefits, related to service in the armed forces, including the Reserves and National Guard. It does not include Social Security income, 401(k) or IRA distributions, or other sources of income. You may only claim this credit for military retirement income included in adjusted gross income. You may not claim this credit if you claim the Retirement Credit.

More information on each of these credits can also be found on the Utah State website: CLICK HERE
 
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