Nebraska has a new Tax Credit the "Nebraska Income Tax Credit for School District Taxes Paid." The form for this does show up in Turbo Tax for Businesses but not for individuals. According to the Ne State Dept of Revenue individuals qualify for this tax credit. Why doesn't the individual form appear in Turbo Tax?
Form PTC, Property Tax Incentive Act Credit, is available on TurboTax. For taxable years beginning on or after January 1, 2020, A Property Tax Incentive Act Credit may be claimed by Nebraska property owners that pay school district taxes during a taxable year. It is on the state screen titled Any Nebraska Credits? under the option named Property Owned by an Individual Tax Credit. I have attached a picture and steps below for additional reference.
Please follow the instructions below to get the credit on your return:
Form PTC, Property Tax Incentive Act Credit, is available on TurboTax. For taxable years beginning on or after January 1, 2020, A Property Tax Incentive Act Credit may be claimed by Nebraska property owners that pay school district taxes during a taxable year. It is on the state screen titled Any Nebraska Credits? under the option named Property Owned by an Individual Tax Credit. I have attached a picture and steps below for additional reference.
Please follow the instructions below to get the credit on your return:
Awesome, thanks for the reply. I found the form right away thanks to you.
rw
I filed my Nebraska return already without knowing I was eligible for this credit. Do I need to file an amended return or what? What is the best way to get this credit after the fact?
Yes, if your return has already been filed and accepted, you will need to file an amended return to claim the credit.
As noted on the link above, when you prepare your amended return, you will generate Form PTC, Nebraska Property Tax Incentive Act Credit Computation, which will be used to compute your credit. You will do your input in the state section of the program. You will not need to amend your federal return as this is a state only credit.
I have filed my taxes before I knew PTC 2020 was available, so how do I amend my Nebraska State taxes?
To amend your state return, please see the TurboTax FAQ below:
https://ttlc.intuit.com/community/amending/help/i-need-to-amend-my-state-return/00/26510
It would really help if Nebraska Form PTC showed up on the search feature.
Unfortunately the TurboTax interview process that follows is not complete as it does not allow you to fill in the Part D portion (For Partnerships, S Corporations ...) The interview process is only for individuals. I managed to confuse the TurboTax interview process enough to get it to fill in the part C portion by using bogus information. I do not want to file the Nebraska portion of my tax returns with obvious incorrect information. TurboTax has dropped the ball on their implementation of this form.
In the Nebraska interview, on the screen headed "Any Nebraska Credits?", if you check "Property Owned by an individual Tax Credit" and then fill in the information on the following screens, TurboTax will fill in Part B on the Form PTC.
If you check "Property Tax Credit for Partners, S Corporation Shareholders, Fiduciary Beneficiaries, and Members of LLS Only" and then fill in the following screens, then TurboTax will fill in Part C on the Form PTC.
In reading the Form PTC instructions, it appears to me that Part D is for filing with 1065 returns, 1120S returns, 1041 returns , and whichever return is used for an LLC, that is, NOT with a 1040.
It appears correct to me that TurboTax for 1040 returns should not complete Part D.
Hello! In this form it says Nebraska requires all fields to be filled in. One of the fields is ownership end date. My ownership of this property did not end in 2020. I tried completing this with 00/00/0000 and it will not take it. What should I enter to advance on this form. Thank you!
If you look at the instructions on the actual form, it says if you owned it the entire property tax year to enter the last day of the property tax year, which I'm assuming would be 12/31/2020.
Art
You'll need to amend your state return.
Please follow the instructions in the link below:
I would try adding a zero to the beginning of your parcel number and see if it will be accepted. This should not affect your eligibility for the credit.
Please let us know if this works.