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.
my529 Credit (formerly Utah Educational Savings Plan)
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 5% 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.
To make these manual entries within the program, go to:
- State Section
- Apportionable Nonrefundable Credits
- Add New
- Enter amount and choose credit from the drop-down menu
For a more detailed description of these credits, please click here.