Hello, I am currently filing my taxes for 2022 and noticed that I am eligible for the Aerospace Engineer tax credit. I know that I have to fill out form 564 and send it into the state in order to receive the credit but I was wondering a few things.
1) I was eligible for it last tax year as well but did not know about it, so if I refile my last years, is it possible to either get it applied for last years or forward it to this years taxes? I know you can carry over whatever you didn't use from the previous year, I just wasn't sure how that worked since I would have to go back and refile.
2) Is this tax credit refundable (i.e. do I receive a deposit of $5,000 in my bank after it gets approved and taxes are filed?), or does this just assist in whatever taxes I would have paid for this tax year? (i.e. if I have $2,000 in taxes, does it just cover for the $2,000 and the remaining $3,000 can be put to next tax year?)
I am new to doing taxes so any help would be greatly appreciated.
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"I know you can carry over whatever you didn't use from the previous year,"
If it can be carried forward, it isn't refundable.
If it were refundable, there would never be anything to carry forward.
It is available the first 5 years of employment, so if you were eligible last year, you would need to file an Amended 2021 Oklahoma state return.
It would not affect your 2021 Federal Return.
If you Itemized Deductions on your 2021 Federal return, and this amendment results in a state refund, you MAY need to claim income for that refund on your 2023 tax year return.
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