Colorado Enterprise Zone credit

[duchess1223]

Turbo tax won't process my entry

[DaveF1006]

Without knowing the specific facts that are relevant to you, please read this colorado.gov reference source  and scroll to the area of the website that addresses how to qualify for the credit. There are eligibility criteria to consider.

[COSTrapper]

I have the same issue.  I enter all the required information and POOF! my entry turns in $0.  I made a cash donation to a certified Enterprise Zone administrator and Turbo Tax is not making the correct entry.

[MarilynG1]

Tested this in TurboTax Premier, with a $500 cash donation to an Enterprise Zone Administrator.  The donation appeared on form DR 1366, Section B (was reduced by 25%,)  and was then carried over to Form 104, Line 16. 

[COSTrapper]

OK, I went back over my Colorado return and discovered the credit calculated exceeds my tax liability.  According to CO, you cannot take an Enterprise Zone Credit that exceeds your tax liability.  Therefore, this credit is to be applied to next year's return.

CO Tax Form DR 1366, "Enterprise Zone Credit and Carryforward Schedule" Line 52, Column A, "Credit Available" shows the calculated credit.  That same line, Column B, "Credit Used" shows a zero.  However, Line 53 shows the calculated credit as, "This is the amount of carryforward available next year."  In other words, this credit may be applied on next year's return, not on this year's return; that's why TurboTax is calculating a zero for the "Credit Used" figure.