Line 53 of Form 1040 is used as a “catch all” credits section. It is the place where some of the lesser-used credits may be claimed. Such credits include:
General business credit. This credit consists of a number of credits that usually apply only to individuals who are partners, shareholders in an S corporation, self-employed, or who have rental property. See Form 3800.
Credit for prior year minimum tax. If the taxpayer paid alternative minimum tax in a prior year, see Form 8801.
Mortgage interest credit. If a state or local government gave the taxpayer a mortgage credit certificate, see Form 8396.
Adoption credit. A taxpayer may be able to take this credit if he/she paid expenses to adopt a child or adopted a child with special needs and the adoption became final in 2012. See Form 8839 as well as the Instructions for Form 8839.
Credit for the elderly or the disabled. See Schedule R.
District of Columbia first-time homebuyer credit. See Form 8859.
Qualified plug-in electric drive motor vehicle credit. See Form 8936.
Qualified electric vehicle credit. A taxpayer can claim this credit only if he/she has an electric vehicle passive activity credit carried forward from a prior year. The credit cannot, however, be claimed for a vehicle placed in service after 2006. See Form 8834, Part II.
Alternative motor vehicle credit. If the taxpayer who used a new fuel cell motor vehicle during 2012, see Form 8910 .
Alternative fuel vehicle refueling property credit. See Form 8911.
Credit to holders of tax credit bonds. See Form 8912.
Once a taxpayer determines which of the above credits apply, he/she should calculate and enter the total value of the credits on Line 53. The taxpayer should also check any and all of the applicable Line 53 boxes (Form 3800, Form 8801, or enter any other relevant form numbers in section C). Finally, the taxpayer must attach any of the forms associated with the above credits.
Photo by: 401(K) 2012