Solved: Re: Nebraska form PTC 2020
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Ray_Jay
Level 2

Nebraska form PTC 2020

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?

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Accepted Solutions
LenaH
Employee Tax Expert

Nebraska form PTC 2020

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:

  1. Open your return.
  2. Click on State on the left hand side.
  3. Go through the state interview until you reach the page titled Any Nebraska Credits?
  4. Put a check mark next to Property Owned by an Individual Tax Credit
  5. Click continue and enter your information. 

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9 Replies
LenaH
Employee Tax Expert

Nebraska form PTC 2020

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:

  1. Open your return.
  2. Click on State on the left hand side.
  3. Go through the state interview until you reach the page titled Any Nebraska Credits?
  4. Put a check mark next to Property Owned by an Individual Tax Credit
  5. Click continue and enter your information. 

View solution in original post

Ray_Jay
Level 2

Nebraska form PTC 2020

Awesome, thanks for the reply. I found the form right away thanks to you.  

rw

elkhornace
Level 1

Nebraska form PTC 2020

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?

JotikaT2
Employee Tax Expert

Nebraska form PTC 2020

Yes, if your return has already been filed and accepted, you will need to file an amended return to claim the credit.

 

How to amend my return?

 

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.

 

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JAR9
Level 1

Nebraska form PTC 2020

I have filed my taxes before I knew PTC 2020 was available, so how do I amend my Nebraska State taxes?

KatrinaLO
Intuit Alumni

Nebraska form PTC 2020

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

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artemuss
New Member

Nebraska form PTC 2020

It would really help if Nebraska Form PTC showed up on the search feature.

needhelpalso
New Member

Nebraska form PTC 2020

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.

BillM223
Employee Tax Expert

Nebraska form PTC 2020

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.

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