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Alaska Federal-based Credits Instructions
Extracted from PDF file 2023-alaska-form-6390i.pdf, last modified January 2024Federal-based Credits Instructions
Instructions for Form 6390 2023 Alaska Federal-Based Credits GENERAL INSTRUCTIONS Purpose of Form Form 6390 orders and limits federal-based credits, on an as-if Alaska basis. This form is required if such credits are to be claimed on Form 6000, 6100, or 6150. Under AS 43.20.021(d), where a credit allowed under the Internal Revenue Code and is also allowed in computing Alaska income tax, it is limited to 18% of the amount of credit determined for federal income tax purposes, and apportioned, if applicable. Adoption of the Internal Revenue Code Under AS 43.20.021, Alaska adopts the Internal Revenue Code, Sections 1–1399 and 6001–7872, with full force and effect, unless excepted to or modified by provisions of Alaska law. In addition, AS 43.20.160 and AS 43.20.300 require the Department to apply, as far as practicable, the administrative and judicial interpretations of the federal income tax law. Note that Alaska law does not adopt Internal Revenue Code Sections 1400–1400U, which grant tax benefits for activities in certain geographic zones, including those in “Enterprise Zones” and “Gulf Opportunity Zones.” If the taxpayer qualifies for special federal treatment under these code sections, this may require that the taxpayer recompute some federal-based credits for Alaska purposes. Other Related Forms Form 6395 is used to account for passive activity limitations on an as-if Alaska basis. If You Need Help If you have questions, need additional information or require other assistance, see our website at www.tax.alaska.gov, or call: Juneau: 907-465-2320 Anchorage: 907-269-6620 In general, Form 6390 follows the function of federal Form 3800, accounting for various groups of credits that require special treatment under the Internal Revenue Code. Such groups include “specific credits,” carryforward of “eligible small business credits,” and passive/non-passive categories. See federal instructions for federal Form 3800 for more details. From each of these baskets, Form 6390 removes any credits that are not allowable for Alaska purposes. Alaska does not allow credits for backup withholding, credit for employer social security and Medicare taxes paid on certain employee tips, and other federal credits that are tax reimbursements. See 15 AAC 20.145(f). Finally, Form 6390 imposes tax liability limits based on Alaska tax, limits the credits to 18%, and apportions the credits, if appropriate. Form 6390 must be attached to Form 6000, 6100, or 6150 to claim federal-based credits. SPECIFIC INSTRUCTIONS Line 2a: Alaska allows the federal investment credit only to the extent attributable to Alaska property. See AS 43.20.036(b). On line 2a enter the amount of federal investment credit (non-passive activities) that is not attributable to Alaska property. Line 2b: Alaska does not allow credits for backup withholding, credit for employer social security and Medicare taxes paid on certain employee tips, and other federal credits that are tax reimbursements. See 15 AAC 20.145(f). Also note that Alaska does not adopt Internal Revenue Code Sections 1400–1400U, which may affect allowable federal-based credits. Line 4: Use Form 6395 to calculate general business credits from a passive activity. Enter amount from Form 6395, line 17. Line 9: Alaska allows unused federal-based credits to be carried forward, based on applicable federal rules. An entry on line 9 must be supported by a schedule, attached to the return, showing the individual unused credits, by year generated and used, which are available. The schedule must show credits on an as-if Alaska basis, based on prior years’ Forms 6390 (or equivalent), not federal credit carryover amounts. Line 10: Alaska allows carryback of unused federal-based credits, based on applicable federal rules. An entry on line 10 must be supported by a schedule, attached to the return, showing the individual unused credits, by year generated and used, which are available for carryback. Line 13a: Enter the Alaska alternative minimum tax (AMT) from Schedule E, line 1d, net of the Alaska credit for prior year minimum tax (AMT credit) from Schedule A, line 11 . Lines 12b and 13b: Alaska incentive credits (from Form 6300) are applied first. Any Alaska regular or alternative minimum tax (AMT), left after application of Alaska incentive credits, may be offset by federal-based credits. Use the following worksheet to determine the respective amounts of regular Alaska tax offset, and AMT offset by Alaska incentive credits: 0405-6390i Rev 01/01/2024 - page 1 Regular Tax A 1 Enter regular tax from Schedule D, line 2 of Form 6000, 6100, or 6150 2 Enter Alaska AMT from (Form 6000 or 6100) Schedule E, line 1d, or (Form 6150) Schedule E, line 1d, column A and B 3 Reserved 4 Total. Enter amount from line 1 on column A and the amount from line 2 on column B. 5 Share of tax. Divide each column of line 4 by the total of columns A and B of line 4. Enter as a percentage 6 Enter amount from Form 6300, line 49 7 Regular tax offset by other incentive credits. Multiply line 6 by line 5, column A. Enter on Form 6390, line 12b 8 Alaska AMT offset by Alaska incentive credits. Multiply line 6 by line 5, column B. Enter on Form 6390, line 13b Alaska AMT B Line 21: Use Form 6395 to calculate “specified credits” from a passive activity. Enter amount from Form 6395, line 18. Lines 26a–26b: See instructions for line 9 above. Attach schedule of applicable credits, by year generated and used. Lines 27: See instructions for line 10 above. Attach schedule of applicable credits, by year generated and used. 0405-6390i Rev 01/01/2024 - page 2
Form 6390i
More about the Alaska Form 6390i Corporate Income Tax Tax Credit TY 2023
Federal-based Credits Instructions
We last updated the Federal-based Credits Instructions in February 2024, so this is the latest version of Form 6390i, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 6390i directly from TaxFormFinder. You can print other Alaska tax forms here.
Other Alaska Corporate Income Tax Forms:
TaxFormFinder has an additional 30 Alaska income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 6000 | Alaska Corporation Net Income Tax Return |
| Form 6000i | Forms 6000 and 6020 (Formerly Forms 611 and 611SF) Alaska Corporation Net Income Tax Return Instructions |
| Form 6100 | Oil and Gas Corporation Net Income Tax Return |
| Form 6240 | Payment Voucher-Corporation Net Income Tax |
| Form 6220i | Underpayment of Estimated Tax by Corporations Instructions |
View all 31 Alaska Income Tax Forms
Form Sources:
Alaska usually releases forms for the current tax year between January and April. We last updated Alaska Form 6390i from the Department of Revenue in February 2024.
Form 6390i is an Alaska Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Alaska Form 6390i
We have a total of ten past-year versions of Form 6390i in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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