Form Tc-40 - Individual Income Tax Return Instructions

Keep form TC-675H with your records. If you have any

• $600 for a married couple ﬁ ling jointly with no dependents,

questions about UESP accounts, call UESP at 801-321-7188

and

or 1-800-418-2551, or visit .

• $900 for all taxpayers (any ﬁ ling status) with dependents.

Note: Any credit that is more than the tax liability may not

There is no form for this credit. Keep all related documents

be carried back or forward.

with your records.

Calculation of Health Beneﬁ t Plan Credit

(22) Medical Care Savings Account (MSA) Tax Credit

1. Amount paid for health beneﬁ t plan

$________

(UC §59-10-1021)

If you made a qualiﬁ ed investment in a Medical Care Savings

2. Excluded amount (see instructions)

(________)

Account (MSA) and did not deduct that investment on your

3. Subtract line 2 from line 1

$________

4. Multiply line 3 by 5% (.05).

$________

federal form 1040, you may use the MSA amount to calculate

5. Enter maximum credit allowed per return

your Utah credit.

$300 for single taxpayer with no dependents

The Utah resident account holder of an MSA receives form

$600 for married ﬁ ling jointly with no dependents

TC-675M, Statement of Withholding for Utah Medical Savings

$900 for all taxpayer(s) with dependents

$________

Account, from the account administrator. Include the sum of

6. Enter the lesser of line 4 or line 5. This is your credit.

lines 5 and 6, on line 1 of the calculation below. Keep form

Enter this amount on TC-40A, Part 3, using code 23. $________

TC-675M with your records.

Note: Any credit that is more than the tax liability may not

Calculation of Medical Care Savings Account Tax Credit

be carried back or forward.

1. Eligible amount for credit from line 5 and line 6

________

of form TC-675M

See incometax.utah.gov/credits/health-benefit-plans-

________

2. Multiply line 1 by 5% (.05). This is your MSA credit. $

credit for more information.

Enter this amount on TC-40A, Part 3, using code 22.

(24) Qualifying Solar Project Credit

Note: Any credit that is more than the tax liability may not

(UC §59-10-1024)

be carried back or forward.

You may claim a credit of 25% of the amount paid to buy one

or more solar units from a qualifying political subdivision, up

(23) Health Beneﬁ t Plan Credit

to a maximum credit of $2,000. This is in addition to any other

(UC §59-10-1023)

energy credit you claim.

Amounts itemized or otherwise deducted in

determining federal taxable income, or used to claim a

A qualifying solar unit is a portion of the electrical output of

federal credit, cannot be used for this Utah credit.

an active solar project constructed, controlled or owned by

a qualifying political subdivision, which generates electricity

You may claim a credit of 5% of the amount paid for a health

furnished to and for the beneﬁ t of one or more residential

beneﬁ t plan only if you, your spouse on a joint return, or any

units, and is sold to the taxpayer in exchange for a credit on

dependent claimed on your return is not insured under a health

the taxpayer's electric bill.

beneﬁ t plan maintained and funded in whole or in part by your,

your spouse’s or your dependent’s current or former employer,

Calculation of Qualifying Solar Project Credit

or another person’s employer. You cannot claim this credit if

1. Amount paid for solar unit(s)

$________

you choose not to participate in a plan maintained and funded

2. Multiply line 1 by 25% (.25)

$________

by a current or former employer. You also cannot use pre-tax

3. Maximum allowable credit

2,000

deductions from wages through employer-sponsored programs,

4. Enter lesser of line 2 or line 3. This is your credit.

$________

such as a cafeteria or ﬂ ex plan, to claim the credit.

Enter this amount on TC-40A, Part 3, using code 24.

Excluded Amounts

Note: Any credit that is more than the tax liability may be

The credit is 5% of amounts paid for health beneﬁ t plans (but

carried forward for the next four years.

not self-insurance) after deducting the following:

There is no form for this credit. Keep all related documents

1. Amounts used to calculate a credit for health insurance

with your records.

costs of eligible individuals (IRC Section 35),

2. Income exclusions for employer-provided coverage under

Contact your city or electrical utility provider for more

an accident or health plan (IRC Section 106),

information.

3. Cafeteria or employer plans covering all employees who

may choose among two or more cash and qualiﬁ ed beneﬁ ts

(IRC Section 125),

4. Trade or business expenses for self-employed individuals

up to 100% of premiums paid, but not more than your net

business income (IRC Section 162),

5. Medical and dental expenses deducted on federal Schedule

A that are more than 7.5% of your federal adjusted gross

income (IRC Section 213), and

6. All dental, vision, supplemental health, or Medicare

supplemental policies if not part of your health beneﬁ t plan.

The maximum credit is:

• $300 for a single taxpayer (including married ﬁ ling sepa-

rately, head of household, and qualifying widow(er)) with

no dependents,

Form Tc-40 - Individual Income Tax Return Instructions - 2011 Page 17

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