Apportionable nonrefundable credits can reduce your income tax to zero, but any credit greater than the tax will not be refunded. Below is a list of Utah's Apportionable nonrefundable credits.
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, 70% of proceeds are used to buy stock and you did not have an ownership interest in Utah's small business corp.
You may claim a nonrefundable credit if you made qualified contributions to your Utah Educational Savings Plan.
Health Benefit Plan Credit
You can claim a 4.85% credit of the amounts paid 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 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.
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
Beginning for tax year 2021, 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
Beginning in tax year 2021, 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.
Nonrefundable Adoption Expenses Credit
If you finalized an adoption during the tax year, you may be eligible to claim a credit of up to $3,500 for expenses related to the adoption.
Where do I enter the credit(s)?
To make these manual entries within the program, go to:
- State Section
- Apportionable Nonrefundable Credits or SSA, Retirement, and Military Retirement Tax Credit
For a more detailed description of these credits, please click here.