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Level 2

Solved

Nebraska form PTC 2020

Forum|Forum|5 years ago
February 15, 2021
5 replies
0 views

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?

TurboTax Home & Biz Windows

Best answer by LenaH

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:

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

LenaH

Answer

Community Manager

Please follow the instructions below to get the credit on your return:

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

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Ray_JayAuthor

Level 2

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

JotikaT2

Employee Tax Expert

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 2

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

KatrinaLO

Level 14

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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HelpNotAnAccountant

Level 2

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!

artemuss

Level 2

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

HelpNotAnAccountant

Level 2

Ok, thanks so much Art!

vlriley0720

Level 2

Filing my state of NE taxes. I’m getting an error, “Form PTC: Part B Parcel ID Number must be 10 digits.” My Parcel ID is 9 digits. I am in Sarpy County Nebraska. It keeps rejecting. What do I do? I have already paid the $25 file fee with my credit card.

CatinaT1

Level 15

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.

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