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Alabama Free Printable KRCC-I 2023 Print_7-13-23_F for 2024 Alabama Recipient’s Share Of Capital Credit For Individual Taxpayers

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Recipient’s Share Of Capital Credit For Individual Taxpayers
KRCC-I 2023 Print_7-13-23_F

SCHEDULE KRCC-I *230019KI* Alabama Department of Revenue Recipient's Share Of Capital Credit For Individual Taxpayers For tax year beginning • ____________________, 20______, and ending •____________________, 20______. PART I - RECIPIENT INFORMATION Recipient’s Name: •________________________________________________________________________________________ Social Security Number: •____________________ Project 1 Project Number . . . . . . . . . . . . . • Project's Placed in Service Date. . . • Project Entity Name . . . . . . . . . . • Distributing Entity Name . . . . . . . • Distributing Entity FEIN . . . . . . . . • PART II - PROJECT INFORMATION Project 2 Project 3 • • • • • • • • • • PART III - CAPITAL CREDIT CALCULATION Project 1 1. 2. 3. 4. 5. Project 2 Project 1 1. 2. 3. 4. 5. Project 3 • Recipient's share of project income in Alabama (Form K-RCC, Part III, line 3) . . . . . . . . . . . . . . . . . 1 • • Recipient's Alabama tax liability generated by project income (see Part IV below for allocation method). 2 • • Recipient's share of capital credit available for this tax year (Form K-RCC, Part III, line 5). . . . . . . . . . 3 • • Capital credit eligible to be applied to recipient's tax liability (enter lesser of line 2 and line 3) . . . . . . . 4 • Total Capital credit eligible to be applied to recipient's tax liability. Total line 4 for all projects. Enter this amount here and on Schedule OC, Section B, Part Y, line Y1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PART IV - ALLOCATION METHOD SCHEDULE - COMPLETE ONLY IF ALLOCATION METHOD IS USED Recipient's share of project income in Alabama (from Part III, line 1 above) . . . . . . . . . . . . . . . . . . . 1 Recipient's adjusted gross income (from recipient's Alabama income tax return). . . . . . . . . . . . . . . . 2 • Allocation percentage (divide line 1 by line 2) If line 1 is greater than line 2, enter 100% . . . . . . . . . . 3 • Recipient's tax liability (from recipient's Alabama income tax return) . . . . . . . . . . . . . . . . . . . . . . . 4 • Tax liability generated by project income (multiply line 4 by line 3) Enter this amount on Part III, line 2 above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 • • • • • 5• Project 2 Project 3 • • %• %• • • • • % INSTRUCTIONS This schedule is used to calculate the recipient's tax liability generated from the qualifying project. Schedule KRCC-I and a copy of Form K-RCC (as received from the distributing entity) for each project must be attached to the income tax return. If recipient is using the allocation method to determine the Alabama tax liability generated by project income, complete Part IV. If using the with/without method, see instructions below. Step 1 – If the with/without method is chosen, you must complete two federal income tax returns through the tax liability line. The return to be filed with the Internal Revenue Service should include the income from the project operations. A second return must be completed through the tax liability line but should not include the project income in Alabama. Any deductions limited by the amount of adjusted gross income must also be adjusted in the second return before computing the tax liability. The federal income tax deduction related to the project income in Alabama is the difference in the amount shown on the return to be filed and the second return. Step 2 – Once you have completed the federal returns, you must complete two Alabama income tax returns through the tax liability line. The return to be filed with the Alabama Department of Revenue should include the income from the project operations. A second return must be completed through the tax liability line but should not include the project income in Alabama. Any deductions limited by the amount of adjusted gross income must also be adjusted in the second return before computing the tax liability. The applicable federal income tax deduction should be indicated from the federal returns completed in Step 1. The Alabama tax liability generated by the project income in Alabama is the difference in the amount shown on the return to be filed and the second return. The second returns should be maintained for audit purposes and are not to be filed with the first return. ADOR
Extracted from PDF file 2023-alabama-schedule-krcc-i.pdf, last modified July 2023

More about the Alabama Schedule KRCC-I Individual Income Tax TY 2023

We last updated the Recipient’s Share Of Capital Credit For Individual Taxpayers in February 2024, so this is the latest version of Schedule KRCC-I, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule KRCC-I directly from TaxFormFinder. You can print other Alabama tax forms here.


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Related Alabama Individual Income Tax Forms:

TaxFormFinder has an additional 47 Alabama income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Alabama Schedule KRCC-I.

Form Code Form Name
Schedule KRCC Project/Distributing Entity Share Of Capital Credit
Schedule KRCC-B Recipient’s Share Of Capital Credit For Business Entities, Including Trusts

Download all AL tax forms View all 48 Alabama Income Tax Forms


Form Sources:

Alabama usually releases forms for the current tax year between January and April. We last updated Alabama Schedule KRCC-I from the Department of Revenue in February 2024.

Show Sources >

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Alabama Schedule KRCC-I

We have a total of three past-year versions of Schedule KRCC-I in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Schedule KRCC-I

KRCC-I 2023 Print_7-13-23_F

2021 Schedule KRCC-I

KRCC-I 2021 Print.qxp


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