Ken NJ
INReview Maven
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Registered: Dec 2003
Local time: 11:32 PM
Location: NJ
Posts: 4930
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Steph, you can figure it out yourself if you want to save the preparer's fee. Here are the three things you need #1. NC Dept. of Revenue Website and scroll down to easy guidelines on page 5 for #2. Tax Credits To Other States and #3. Colorado Part Year Resident Tax Form : < -- Just Click Here
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After completing the other state's return, complete your North Carolina return and include all income from inside and outside the State. Compute your tax as though no credit is being claimed. Now complete Part 1 of Form D-400TC to determine the allowable tax credit. A common mistake is to enter on line 6 of Part 1, the total tax withheld by the other state or country. The amount entered on line 6 of Form D-400TC, must be the tax paid to the other state or country less any refund received from the other state or country. The credit cannot be more than your North Carolina tax liability so you should be sure to complete Part 4 of this form.
If you claim credit for tax paid to more than one state or country, use the worksheet on page 12 of the instructions to determine the tax credit allowable. Determine the total credits for all states by adding the amount on line 7 of each worksheet and enter the total on Form D-400TC, line 7a. Do not fill in lines 1 through 6 of the Form D-400TC if you are claiming a credit for tax paid to more than one state or country. Be sure to use separate worksheets to determine the separate credits for each state or country. |
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For Colorado Tax - Use this form if you and/or your spouse were a resident of another state for all or part of 2003. This form apportions your gross income so the Colorado tax computed from the tax table on your total 2003 income will be reduced to reflect only your Colorado income. This form should be completed after you have filled out lines 1 through 13 of Form 104
FORM 104PN - PART-YEAR RESIDENT/NONRESIDENT TAX CALCULATION SCHEDULE 2003 - Attach this form to your completed income tax return Form 104 - Line 27 . Additions to Colorado Adjusted Gross Income. Enter any amount from line 26 that is from non-Colorado state or local bond interest earned while a Colorado resident, and/or any lump-sum distribution from a pension or profit sharing plan received while a Colorado resident. (See FYI Income 6 for treatment of other additons) |
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02-16-2004 07:37 PM
