Retirement Income Tax Credit (code 18)

General Information

UC ยง59-10-1019

Utah taxpayers may be able to claim a retirement tax credit on their Utah Individual Income Tax Return. Previously, an income exclusion was allowed taxpayers age 65 or over, and a deduction of retirement income received was allowed taxpayers under the age of 65.

Retirement Credit for Taxpayers Age 65 and Over

If you (and/or your spouse, if filing jointly) were age 65 or older as of Dec. 31, 2017, you may take a retirement credit of up to $450. (If a taxpayer died during the year, you may claim the retirement credit if the deceased was age 65 or older on the date of death.) This credit is limited by the total of your modified adjusted gross income, nontaxable interest income, and any additions to income (TC-40A, Part 1).

Complete form TC-40C to calculate your retirement credit. Enter the amount from TC-40C, line 18 11 on TC-40A, Part 3, using code 18. Attach TC-40C to your Utah return.

Note: You may not carry back or forward any retirement credit that is more than your tax liability.

Note: The retirement credit is phased-out when modified adjusted gross income exceeds certain amounts based on filing status (shown on TC-40C, line 8). When calculating modified adjusted gross income on line 7, do not include any municipal bond interest on line 6 reported on TC-40A, Part 1, code 57.