Get Tc49r041-2 Recapture Of Id Invstmt Tax Cred 8-19-04_v2. Tc49r041-2 Recapture Of Id Invstmt Tax Cred

This guide provides a clear and structured approach to completing the TC49R041-2 Recapture Of Id Invstmt Tax Cred form online. By following these detailed steps, users can effortlessly navigate the form's components and ensure accurate submission.

Follow the steps to successfully complete the form.

1. Click the ‘Get Form’ button to access the form and open it for editing.
2. Begin by entering the calendar or fiscal year for which you are filing the recapture tax credit. Make sure to fill in the month, day, and year accurately.
3. In the 'Name(s) as shown on return' section, input the names of the individuals or entity as they appear on the tax return.
4. Provide the Social Security Number or Employer Identification Number (EIN) in the designated field.
5. Move to Part I and describe the property that has ceased to qualify for the Idaho investment tax credit. Fill in the corresponding property descriptions in lines A through E.
6. In Part II, for each property listed, provide the date the property was placed in service, the cost or other basis, and the percentage of credit in the appropriate lines.
7. Calculate the original credit by multiplying the cost or other basis by the credit percentage. Enter this value in line 4.
8. Indicate the date the property ceased to qualify and calculate the number of full years it qualified.
9. In Part III, locate the recapture percentage from the provided table based on the duration the property qualified.
10. Calculate the tentative recapture tax by multiplying the original credit by the recapture percentage and record this on line 8.
11. Add the tentative recapture taxes from all columns (A through E) and enter the total on line 9.
12. Include any pass-through share of credit recapture from S corporations, partnerships, estates, or trusts in line 10.
13. Sum lines 9 and 10 to determine the total credit subject to recapture and document it in line 11.
14. If applicable, indicate the amount of the recapture tax distributed to shareholders or partners in line 12.
15. Determine any unused credit and input it in line 13, ensuring not to exceed the total from line 11.
16. Finally, subtract line 14 from line 11 to arrive at the recapture of investment tax credit. Enter this amount on your tax return as per the instructions.
17. Once all sections are complete, users can save their modifications, download the document, print, or share it as needed.

Complete your TC49R041-2 Recapture Of Id Invstmt Tax Cred online today!