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Utah Free Printable TC-40LIC, Utah Low-Income Housing Tax Credit Carryback and/or Carryforward for 2020 Utah Utah Low-Income Housing Tax Credit Carryback and/or Carryforward

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Utah Low-Income Housing Tax Credit Carryback and/or Carryforward
TC-40LIC, Utah Low-Income Housing Tax Credit Carryback and/or Carryforward

Clear form Get forms online - tax.utah.gov Utah State Tax Commission Utah Low-Income Housing Tax Credit Carryback and/or Carryforward Taxpayer's name TC-40LIC Rev. 7/12 SSN/EIN General Procedures and Instructions Do not send this form with your return. Keep this form and all related documents with your records. Low-income housing tax credit amounts that exceed the taxpayer's Utah tax liability in the tax year the credit is earned following allocation by the Utah Housing Corporation may be carried back three years or carried forward five years. If any unused portion of the credit is carried back to prior years, fill in the appropriate amounts on lines 2 through 5. Include the year(s) the carryback credit amounts are being applied against. An amended return should be filed for each year to which credit is carried back. Remember, credits may only be carried back to the extent of the prior year's tax liability. You must complete form TC-40LI for the year the credit was earned. The appropriate amounts of any carryforward must be entered on lines 6 through 10 of this form. Keep this form, TC-40LI and copies of all returns to which the credit was carried forward. Carryforward credits must be applied against the tax liability of any year before the application of any credits earned in the tax year. Credits are applied on a first-earned, first-used basis. If you were required to recapture a portion of the federal low-income housing tax credit, you are required to recapture a portion of the Utah tax credit. Use this form to calculate the recapture tax of the low-income housing credit. For information, contact the Utah Housing Corporation, 2479 S. Lake Park Blvd., West Valley City, UT 84120, telephone 801-902-8200, utahhousingcorp.org. 1. Credit available to carry back or carry forward (from form TC-40LI) Year the unused credit on line 1 was earned 1 $ Credit amounts in excess of the current year tax liability may be carried back 3 years or carried forward 5 years. Applied to tax year: Carryback Amounts List amount of credit applied and the year of carryback 2. Amount of credit applied to third prior year 2 3. Amount of credit applied to second prior year 3 4. Amount of credit applied to first prior year 4 5. Total credit carried back (add lines 2, 3, and 4) 5 $ Applied to tax year: Carryforward Amounts List amount of credit applied and the year of carryfoward 6. Amount of tax credit carried forward - first year 6 7. Amount of tax credit carried forward - second year 7 8. Amount of tax credit carried forward - third year 8 9. Amount of tax credit carried forward - fourth year 9 10. Amount of tax credit carried forward - fifth year 10 $ Tax From Recapture of Credit $ $ $ $ Federal net recapture tax (federal form 8611, line 10) Credits subject to recapture (federal form 8611, line 3) Total low-income housing credit actually taken by the taxpayer over the life of the project on all Utah returns Taxes from recapture of credit Enter on the following forms: TC-40, line 30 TC-20, Schedule A, line 20
Extracted from PDF file 2019-utah-form-tc-40lic.pdf, last modified March 2003

More about the Utah Form TC-40LIC Individual Income Tax Tax Credit TY 2019

We last updated the Utah Low-Income Housing Tax Credit Carryback and/or Carryforward in February 2020, so this is the latest version of Form TC-40LIC, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form TC-40LIC directly from TaxFormFinder. You can print other Utah tax forms here.


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Other Utah Individual Income Tax Forms:

TaxFormFinder has an additional 55 Utah income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form TC-40 Utah Individual Income Tax Return
Form TC-547 Individual Income Tax Return Payment Coupon
Form TC-40B Schedule B - Non or Part-year Resident Utah Income Schedule
Form TC-546 Individual Income Tax Prepayment Coupon (This is NOT an extension form)
Form TC-40W TC-40 Withholding Schedules

Download all UT tax forms View all 56 Utah Income Tax Forms


Form Sources:

Utah usually releases forms for the current tax year between January and April. We last updated Utah Form TC-40LIC from the State Tax Commission in February 2020.

Show Sources >

Form TC-40LIC is an Utah Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

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 Utah Form TC-40LIC

We have a total of nine past-year versions of Form TC-40LIC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form TC-40LIC

TC-40LIC, Utah Low-Income Housing Tax Credit Carryback and/or Carryforward

2018 Form TC-40LIC

TC-40LIC, Utah Low-Income Housing Tax Credit Carryback and/or Carryforward

2017 Form TC-40LIC

TC-40LIC, Utah Low-Income Housing Tax Credit Carryback and/or Carryforward

2016 Form TC-40LIC

TC-40LIC, Utah Low-Income Housing Tax Credit Carryback and/or Carryforward

2015 Form TC-40LIC

TC-40LIC, Utah Low-Income Housing Tax Credit Carryback and/or Carryforward

Utah Low-Income Housing Tax Credit Carryback and/or Carryforward 2014 Form TC-40LIC

TC-40LIC, Utah Low-Income Housing Tax Credit Carryback and/or Carryforward

Utah Low-Income Housing Tax Credit Carryback and/or Carryforward 2013 Form TC-40LIC

TC-40LIC, Utah Low-Income Housing Tax Credit Carryback and/or Carryforward

2012 Form TC-40LIC

TC-40LIC, Utah Low-Income Housing Tax Credit Carryback and/or Carryforward

2011 Form TC-40LIC

TC-40LIC, Utah Low-Income Housing Tax Credit Carryback and/or Carryforward


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