Get Ut Tc-40li 2020-2025

The UT TC-40LI form is essential for individuals claiming the Utah Low-Income Housing Tax Credit. This guide provides clear, step-by-step instructions to help you accurately complete the form online, ensuring you maximize your eligible tax credits.

Follow the steps to complete the UT TC-40LI form effectively.

1. Click 'Get Form' button to access the UT TC-40LI form and open it in your preferred online platform.
2. In the first section, enter the name of the taxpayer claiming the credit, ensuring accurate spelling and details.
3. Provide the taxpayer identification number. This is crucial for associating the credit with the correct taxpayer.
4. Fill in the address, including city, state, and ZIP code, where the taxpayer resides.
5. Enter the telephone number to ensure the tax commission can reach you if necessary.
6. Specify the tax year ending for which this form is being submitted. Ensure this aligns with your tax records.
7. Move to the summary worksheet. Under Column A, list the name of the building owner(s).
8. In Column B, accurately list the Building Identification Number (BIN) for each building owned.
9. For Column C, indicate the percentage of federal low-income housing credit that has been allocated to you.
10. Calculate Column D by multiplying the percentage in Column C by Line 2 from Form TC-40TCAC.
11. In Column E, report the amount of federal low-income housing credit that you have actually taken.
12. For Column F, divide the amount in Column E by Column D, ensuring it does not exceed 100%.
13. Proceed to Column G. Multiply the figure from Column F by Line 4 of Form TC-40TCAC.
14. In Column H, declare the percentage of state low-income housing credit owned.
15. Finally, compute Column I by multiplying Column G by Column H. This will give you the total credit allowed.
16. Once you have reviewed and confirmed the accuracy of all entries, save changes, download, print, or share the form as needed, ensuring all related documents are kept with your records.

Start filling out your UT TC-40LI form online today to maximize your tax benefits!