Can I still claim my "OK Credit for Employees in the Aerospace Sector" for my 2023 tax return?

[zcindy9075]

I filed my Oklahoma state 2023 tax return without claiming the "Credit for Employees in the Aerospace Sector". Is it possible that I could still claim this $5000 credit? If yes, how could I do it? Maybe file an amendment to my 2023 tax return?

Thanks in advance!

[MindyB]

It depends. There's a lifetime maximum of 5 credits.

To see if you meet the other qualifications, here is the Form 564 for your review. 

If you believe you qualify, then yes, file an amended 2023 OK tax return to claim. 

[Edited 2/5/2025 09:12 AM PST]

[zcindy9075]

I am sorry I may not make my question clear.

I worked in OK in the Aerospace sector in both 2023 and 2024. Based on my understanding, I should be eligible for the credit for both years. That is, $5000 for 2023 and another $5000 for 2024 separately. 

I am currently filing my 2024 tax return, and I will definitely claim my 2024 $5000 credit. However, I didn't claim my 2023 $5000 credit while I was filing my 2023 tax return. So, based on the answer to my question from MindyB, I could file an amendment to my 2023 tax return to claim this $5000 credit. At the same time, I should be eligible to claim $5000 credit for my 2024 tax return since I worked in OK for the same Aerospace employer in both 2023 and 2024.

My understanding is: if I work for the same Aerospace employer for five continuous years and I have never used this credit before (or never worked in OK before), I am eligible to claim $5000 credit for each year.

Is this correct? 

[MindyB]

Yes, based on the information you provided, you can claim the credit each year.

[Edited 2/5/2025 09:12 AM PST]

[zcindy9075]

I see this statement in the form: ". The credit is allowed each year for up to the first five years", which means, I can claim $5000 credit for each year I worked in OK in that sector for up to the first five years. However, if I work in OK in the same sector continuously for up to 10 years, then I can only use this $5000 credit for each year for the first five years.  I will not be allowed to claim this $5000 credit in the 6th and any years afterwards.

I could see nowhere says that I can't claim the credit in consecutive years. I am sorry, but can we clarify this further? 

[MindyB · Accepted solution]

@zcindy9075, You may claim the credit in consecutive years or in non-consecutive years.

You can amend your return for 2023 to claim.

@zcindy9075 [Edited 2/5/2025 09:12 AM PST]