64. TAXPAYERS TRUST FUND TAX CREDIT
A tax credit of $54 can be claimed for each taxpayer who files a 2013 Iowa 1040 return by October 31, 2014. If the 2013 Iowa 1040 return is filed after October 31, 2014, no credit will be allowed.
For taxpayers who file married filing separately on a combined return, each spouse can claim the $54 credit. For taxpayers who file a joint return, the total credit will be $108. Dependents filing their own returns may also claim the $54 taxpayer trust fund tax credit even though they are claimed as a dependent on another person’s tax return.
The credit is limited to the tax liability shown on line 63, and there is no carry forward of any excess credit that is unused.
EXAMPLE: Jay reports $45 tax on line 53, and has no contributions or other refundable tax credits. The taxpayer trust fund tax credit is limited to the $45 reported on line 63.
EXAMPLE: Melissa reports $100 tax on line 53, and claims a $240 earned income tax credit on line 60. No taxpayer trust fund tax credit is allowed, since the tax on line 63 is $0.