How do I claim the refundable child care tax credit on form 7203

[jalesareed]

I have a certification number and a reserved credit amount stating that I was approved for the child care refundable tax credit

[Opus 17]

Form 7203 is used for S-corporations.  Can you explain your situation in more detail?

[jalesareed]

yes I was given a form 7203 for the refundable child care tax credit that just started for this year... I'm trying to figure out where would I add that in turbo tax when filing?

[Opus 17]

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@jalesareed wrote:

yes I was given a form 7203 for the refundable child care tax credit that just started for this year... I'm trying to figure out where would I add that in turbo tax when filing?

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This is specific to the State of Nebraska.  It appears you can request the credit online.

https://revenue.nebraska.gov/tax-credits/child-care-tax-credit-act/child-care-refundable-tax-credit

If it is part of the state tax return, you would need to look in the state module after you finish adding information to your federal return.  There will be a couple of pages of state-specific additional taxes and credits, read through those carefully. 

[jalesareed]

I tried looking through everything in state but didn't see anything...

[Elizabeth2410]

I have the same form with a 1000 dollar tax credit and a certification number - I also looked through all the options and I don’t see anywhere to put this in either. 

[Opus 17]

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@jalesareed wrote:

I tried looking through everything in state but didn't see anything...

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@TomD8 sometimes knows these state tax issues.  Otherwise, you may need to call the Nebraska tax department or check their web site.  If the credit is included on the general NE tax return, you should be able to find the instructions as to which line and which forms.  If those forms are not included in Turbotax, I can notify a moderator, but there is no guarantee it will end up in the right hands. 

[DoninGA]

The Form 7203 is not part of the 2024 Nebraska tax return.

They should apply on the Nebraska website as previously posted - https://revenue.nebraska.gov/tax-credits/child-care-tax-credit-act/child-care-refundable-tax-credit

[DoninGA]

@Opus 17 

From the Nebraska 2024 Individual Income Tax Booklet for Line 46 on Form 1040N
https://revenue.nebraska.gov/sites/default/files/doc/tax-forms/2024/f_Individual_Income_Tax_Booklet....

Child Care Tax Credit for parent or legal guardian. Prior to claiming the tax credit, the parent or
legal guardian must submit the Child Care Refundable Tax Credit Application, Form 7203 to DOR.
After the Form 7203 is reviewed, DOR will notify the parent or legal guardian of the reserved tax
credit and the assigned certificate number to claim the tax credit. To claim the tax credit, the
certificate number must be entered. The information on the individual income tax return must
support the information submitted on the Form 7203. The tax credit amount claimed cannot exceed
the amount reserved from the submitted Form 7203.

[Elizabeth2410]

Yes we have already applied and received the credit and the instructions state that we need to include the amount and certification number on our tax returns. There is no where to put this information into turbo tax  

[Opus 17]

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@Elizabeth2410 wrote:

Yes we have already applied and received the credit and the instructions state that we need to include the amount and certification number on our tax returns. There is no where to put this information into turbo tax  

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It's unclear why it would be taxable.  If this is a rebate of taxes you already paid, it could affect your taxes if you itemized your deductions in a prior year or itemize them now.  If it is free money (and not really a rebate of prior taxes) then it might be taxable federal income (I'm not sure) -- and it would be very silly for it to be taxable NE income (why give you $1000 and then take away $100).

Can you post of copy of the letter with your personal info blanked out?  I think someone will need to research this a bit more.

[jalesareed]

yes...

[jalesareed]

[Elizabeth2410]

basically we have “reserved” the credit -we need to put this information on our state tax return and the credit will be added to our Nebraska refund 

[CarthO94]

I called into the TT assistance line and they do not have this loaded into TT, they advised to check back in a couple weeks as it is a new credit for NE.