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Fiscal Year Filers

You can be a Utah fiscal year filer only if you are a federal fiscal year filer. Utah follows the same rules and guidelines for fiscal year filers as the IRS. See IRS Publications 17, 505 and 538.

Use the tax forms for the year in which your fiscal year begins.

Prepare your federal tax return before your Utah return.

Special Utah Rules

  • Enter your fiscal year end date on TC-40, page 3, Part 2.
  • Calculate your Utah taxpayer tax credit using the qualified dependents and standard or itemized deductions from your fiscal year federal return. Use the credit phase-out amount shown on the Utah return for the year in which your fiscal year began.
  • Calculate non-refundable Utah credits using amounts and facts that apply to your fiscal year. For example, to claim a credit for a contribution to a my529 plan, use the amount contributed during your fiscal year, but the maximum you may take is the maximum allowed for the calendar year in which your fiscal year began.
  • Report Utah use tax for purchases during your fiscal year, using the rate chart for the calendar year in which your fiscal year began.
  • Calculate credits for withholding tax, pass-through entity withholding tax and mineral production withholding tax based on forms W-2 and 1099 for the year in which your fiscal year began.