Form It-40 - Indiana Full-Year Resident Individual Income Tax Return - 2001 Page 5
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5Section D: Figure your Credit
Maximum allowable amount ............................................................................................................................. D1 $
12,000
Enter your total federal income from Section A line A1 .................................................................................... D2 $ -
Subtract line D2 from line D1 and enter the difference here ............................................................................ D3 $
Multiply line D3 by 3.4% (.034). This is your credit (if less than zero, enter zero.) Enter here and on Form IT-40
line 23 or on Form IT-40PNR line 21. NOTE: You must attach this schedule to your tax return to receive the
credit ................................................................................................. Indiana’s Earned Income Credit
D4 $
Worksheet: Complete only if you were self-employed
If filing a joint return and your spouse was also self-employed or reported income and expenses on federal Schedule C or C-EZ
as a statutory employee, combine your spouse’s amounts with yours to figure the amounts to enter below.
1.
If you are filing federal Schedule SE:
a. Enter any net farm profit or (loss) reported from federal Schedule F, and net earnings (loss) from self-
employment from farm partnership, Schedule K-1 (Form 1065), that are reported on federal Schedule SE,
Sections A or B ..........................................................................................................................................
1a
b. Enter any amount of net self-employment income or (loss) (other than farming) reported from federal
Schedule(s) C/C-EZ, and net self-employment earnings or (loss) (other than farming) from partnership
K-1(Form 1065) and Schedule K-1 (Form 1065-B) that are reported on federal Schedule SE,
Sections A or B ..........................................................................................................................................
1b
c. If you elected one or both of the optional methods on federal Schedule SE, enter the total of the farm
optional method (after limitation) plus the nonfarm optional method (after limitation) ..............................
1c
d. Add lines 1a, 1b and 1c .............................................................................................................................
1d
e. Enter the amount of self-employment tax shown as an adjustment on the front of your federal Form
1e
1040 ...........................................................................................................................................................
f. Subtract line 1e from line 1d ......................................................................................................................
1f
2.
If you are NOT required to file federal Schedule SE (for example, because your net earnings from self-
employment were less than $400), complete lines 2a through 2c. But do not include on these lines any
statutory employee income or any amount exempt from self-employment tax as the result of the filing and
approval of federal Form 4029 or federal Form 4361.
a. Enter any net farm profit or (loss) from federal Schedule F, and net earnings or (loss) from self-employ-
ment from farm partnership, Schedule K-1 (Form 1065) ..........................................................................
2a
b. Enter any net profit or (loss) from federal Schedules C and C-EZ, net earnings (loss) from self-employ-
ment from federal Schedule K-1 (Form 1065) (other than farming), and net earnings (loss) from federal
Schedule K-1 (Form 1065-B) (other than farming) ....................................................................................
2b
c. Add lines 2a and 2b. Enter the total even if a loss ...................................................................................
2c
3.
If you are filing federal Schedule C or C-EZ as a statutory employee,
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enter the gross receipts from that federal Schedule C or C-EZ ....................................................................
4.
Add lines 1f, 2c and 3. Enter the total here and on Schedule IN-EIC, Section C, line C3 even if a loss. If
the result is a loss, enter it in parentheses ....................................................................................................
4
You will need to complete the above worksheet if you have earnings
If you do not have to file federal Schedule SE, your earnings (or
from self-employment because these earnings are earned income for
loss) from self-employment are the net profit or loss from your self-
the credit. You may have earnings from self-employment if:
employment activities.
You own your own business,
Special procedures for a minister or member of a religious order.
You are a minister or member of a religious order, or
If you file federal Schedule SE and the amount on that schedule in-
You reported income and expenses on federal Schedule C or C-
cludes an amount that was also reported as wage income on federal
EZ as a statutory employee.
Form 1040, determine how much of the income reported on federal
Form 1040 was also reported on federal Schedule SE. If you received
Statutory employee’s earnings. If you reported income and expenses
a housing allowance or were provided housing, do not include the
on federal Schedule C or C-EZ as a statutory employee, your earnings
allowance of rental value of the parsonage as nontaxable earned in-
from self-employment are the gross receipts from either schedule.
come on line 4 of the worksheet above if it is required to be included
on federal Schedule SE. Then, determine how much of the income
Other earnings. Your earnings from self-employment in a business
reported as wage income on federal Form 1040 was also reported on
you own, or from your services as a minister or member of a religious
federal Schedule SE. Next, subtract that income from the wage in-
order, are earned income for the credit.
come on federal Form 1040. Then, enter only the result on line 1 of
the worksheet above.
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