Get Tc68r05. Recapt Of Idaho Broadband Equipment Inv. Credit

Filling out the TC68R05 form for the Recapture of Idaho Broadband Equipment Investment Credit can seem challenging. This guide will provide clear and comprehensive instructions to ensure you complete the form accurately and efficiently.

Follow the steps to fill out the TC68R05 form seamlessly.

1. Press the ‘Get Form’ button to obtain the TC68R05 form and open it for editing.
2. Complete the header section by filling in the month, day, and year for either the calendar year or the fiscal year relevant to the recapture of the credit.
3. Enter your name(s) as listed on your tax return and provide your Social Security Number or Employer Identification Number (EIN).
4. In Part I, identify the property that has ceased to qualify as Idaho Broadband Equipment Investment Credit property by describing each property in columns A through E.
5. In Part II, provide details for the original Idaho Broadband Equipment Investment Credit for the property listed, including the date placed in service (line 1), cost or other basis (line 2), credit percentage (line 3), and calculate the original credit (line 4) by multiplying line 2 by line 3.
6. Then, enter the date the property ceased to qualify (line 5) and the number of full years the property was held (line 6).
7. In Part III, enter the recapture percentage from the provided table based on the number of full years (line 7) and compute the tentative recapture tax by multiplying line 4 by line 7 (line 8).
8. Summarize the total from line 8 across all properties in column totals (line 9) and account for any pass-through shares of credit recapture from entities like S corporations or partnerships (line 10).
9. Add lines 9 and 10 to determine the total credit subject to recapture (line 11).
10. Compute any distributed credit recapture (line 12) and account for any unused credits (line 13), then calculate the final total for recapture (line 15).
11. Finally, save your changes, download the completed form, print it, or share it as required.

Complete your TC68R05 form online today to ensure accurate recapture of your Idaho Broadband Equipment Investment Credit.