Table of Contents
The Colorado DR 1317 form plays a crucial role in facilitating the Child Care Contribution Tax Credit, which benefits both donors and child care organizations. This form serves as a certification that allows donors to claim a tax credit for their contributions to qualified child care programs. It requires essential information such as the donor's name, address, and Social Security number, as well as details about the donee organization, including its name, license number, and contact information. The form also outlines the donation amount and specifies how much of that donation qualifies for the tax credit. Notably, the credit available is calculated as 50% of the qualifying donation. To ensure compliance, the donee organization must complete the form and provide it to the donor, who will then submit it with their Colorado income tax return. Proper record-keeping is emphasized, as the donee organization is advised to retain copies of completed forms for their files. This straightforward process encourages contributions to child care programs, ultimately enhancing support for families in need.
Key takeaways
When using the Colorado DR 1317 form, it's essential to understand its purpose and requirements. Here are some key takeaways:
- Purpose of the Form: The DR 1317 form certifies donations made to qualified child care organizations, allowing donors to claim a tax credit.
- Completion by Donee Organization: Only the donee organization should fill out this form before providing it to the donor. Accurate completion is crucial for the donor's tax credit claim.
- Donation Details: The form requires specific details about the donation, including the total amount and any non-qualifying portions. This information is vital for calculating the available tax credit.
- Submission Process: Donors must submit the completed DR 1317 form with their Colorado income tax return. It can be attached electronically, uploaded in Revenue Online, or mailed with form DR 1778.
- Record Keeping: The donee organization should retain copies of the completed form for their records. This practice ensures compliance and provides documentation in case of future inquiries.
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Dos and Don'ts
When filling out the Colorado DR 1317 form, it is important to follow certain guidelines to ensure accuracy and compliance. Below is a list of things you should and should not do.
- Do ensure that all fields are filled out completely. Missing information can delay processing.
- Do double-check the donation amounts. Accurate figures are crucial for the tax credit calculation.
- Do provide the correct contact information for both the donee organization and the donor. This facilitates communication if any issues arise.
- Do retain a copy of the completed form for your records. This can be helpful for future reference or audits.
- Don’t leave any fields blank. If a section does not apply, indicate that clearly rather than skipping it.
- Don’t forget to sign the form. An unsigned form may be considered invalid.
- Don’t submit the form without verifying that it has been filled out by the donee organization first. This is a necessary step for legitimacy.
- Don’t ignore the instructions for submission. Follow the specified method for submitting the form with your tax return.
By adhering to these guidelines, you can help ensure a smooth process when claiming the child care contribution tax credit in Colorado.
File Specs
| Fact Name | Description |
|---|---|
| Form Title | The form is titled "Child Care Contribution Tax Credit Certification." It serves as a certification for tax credits related to child care contributions. |
| Governing Law | This form is governed by the Colorado Revised Statutes, specifically under the tax provisions related to child care contributions. |
| Purpose | The primary purpose of the DR 1317 form is to certify donations made to qualifying child care organizations for tax credit purposes. |
| Eligibility | Only donations made to qualified child care organizations can be certified using this form. |
| Form Completion | The form must be completed by the donee organization before being provided to the donor. |
| Donor Submission | Donors must submit the completed form with their Colorado income tax return to claim the child care contribution credit. |
| Donation Allocation | The form allows the donee organization to describe how the donation is allocated across various programs. |
| Credit Calculation | The credit available is calculated as 50% of the qualifying donation amount. |
| Record Keeping | Donee organizations are required to retain completed copies of the form for their records. |
| Filing Instructions | When filing electronically, donors must attach the form as a PDF or upload it in Revenue Online. |