Form It-20x - Amended Corporation Income Tax Return

Instructions for Indiana Amended Corporation Income Tax Return Form IT-20X

Part III - Remittance Due or Refund

Who Should File Form IT-20X

Remittance Due:

Th is form should be fi led by a corporation amending a previously fi led Indiana

Line 20 - If line 8 is greater than line 19, enter the diff erence as the balance due

Corporation Income Tax Return (Form IT-20, IT-20Fiscal, IT-20SC, or IT-20SC

on line 20.

Fiscal). To amend a previously fi led Form IT-65, IT-20G, IT-20S, FIT-20, or

Line 21 - If an amended return is submitted aft er the due date of the original

IT-20NP, a corrected copy of the original form must be fi led with the amended

return, including valid extensions, penalty must be computed and entered on

check box marked at the top of the form.

line 21. Th e penalty is 10 percent of the balance due or $5, whichever is greater.

If this form is being fi led as a result of a Federal Revenue Agent's Report

(RAR), the change must be documented by attaching copies of the RAR and the

A late penalty of $10 per day may apply to zero tax liability returns delinquently

fi led.

appropriate federal forms within 120 days of such change. If an audit has been

Line 22 - Indiana law does not provide for the waiver of interest. Interest must

conducted, copies of the audit report should also be enclosed. Payment of any

balance due, plus interest, must accompany the amended return.

be computed on the balance due. Use the interest rate table below to properly

compute the amount of interest for line 22.

Reminder: Indiana Code (IC) 6-3-4-6 requires taxpayers to notify the

Line 23 - Add balance due, penalty, and interest to equal the total remittance

Department within 120 days of any modifi cation made to a federal income tax

return.

due. Pay this amount.

Refund Due:

Under Indiana Code IC 6-8.1-9-1, a taxpayer has six months from the date of

Line 24 - If line 19 is greater than line 8, subtract line 8 from line 19 and enter

modifi cation by the Internal Revenue Service to fi le a claim for refund with the

Department. Any overpayment resulting from modifi cation of federal income

the overpayment.

Line 25 - Enter the portion of the overpayment from line 24 to be refunded.

tax liability must be claimed within the latter of three years from the due date

If an excess tax payment is not refunded or credited against a current or future

of the return, three years from the date of payment, or within six months of

notifi cation of change by the Internal Revenue Service.

tax liability within 90 days aft er the date the refund claim is fi led, the date the tax

was due, or the date the tax was paid, whichever is latest, the excess tax payment

Copies of all federal waivers that apply to your amended return must be

accrues interest from the date the refund claim is fi led.

enclosed. An agreement with the Department to extend the statute of limitations

for assessment also extends the period for fi ling a claim for refund.

Th e statute of limitations for refund claims is three years from the due date

of the return or three years from the date the overpayment occurred, whichever

Completing the Form

is later. Extensions of time to fi le extend the due date of the return. Quarterly

Taxpayers should refer to the instructions for the corporation income tax

return, and related schedules, of the tax year being amended. You can get copies

payments are considered to be made on the due date of the return fi led for a

taxable period.

of certain prior-year returns by contacting the Department of Revenue or by

Line 26 - Enter that portion of line 24 to be applied to your current estimated

visiting

Place your nine-digit federal ID number in the box in the upper-right corner

tax account and the year to which the overpayment is to be applied. Th e total of

lines 25 and 26 must equal the amount shown on line 24.

of the form. Next, enter your assigned Indiana taxpayer identifi cation number.

Note: If your overpayment is reduced due to an error on the tax return or

Complete all other applicable questions.

Part I - Summary of Tax Calculations

an adjustment by the Department, the amount to be refunded (line 25) will be

corrected before any changes are made to the amount on line 26.

Complete lines 1 through 8 of columns A, B, and C. Use the original IT-20

Fiscal return format computation if amending for a 2002/2003 fi scal year. Attach

Table of Interest Rates Charged Per Annum:

the revised return calculation. If the amounts refl ected in column A are the result

1/1/82 to 12/31/82................17% 1/1/95 to 12/31/95..............6%

of an Indiana audit, please attach audit Form AD-30. Any changes refl ected in

1/1/83 to 12/31/83................13% 1/1/96 to12/31/00...............7%

column B must be documented.

1/1/84 to 12/31/85................12% 1/1/01 to 12/31/02..............8%

If fi ling because of an IRC Section 172 deduction, eff ective Jan. 1, 2004, the loss

1/1/86 to 12/31/86................10% 1/1/03 to 12/31/03..............6%

derived from Indiana must be calculated by applying the modifi cations, in eff ect

for the year in which the loss was incurred, used in arriving at Indiana adjusted

1/1/87 to 12/31/87.................8% 1/1/04 to 12/31/04..............4%

gross income. Th e resulting Indiana net operating loss (NOL), adjusted for any

1/1/88 to 12/31/88................9% 1/1/05 to 12/31/05..............3%

federal Section 172 modifi cations, may be claimed toward reducing, before any

1/1/89 to 12/31/91................10% 1/1/06 to 12/31/06.............4%

other state deductions, Indiana adjusted gross income. Use Schedule IT-20NOL

1/1/92 to 12/31/92................8% 1/1/07 to 12/31/08..............5%

(revised 8-09 and aft er) to determine the available amount you may deduct.

1/1/93 to 12/31/94................7% 1/1/09 to 12/31/09..............7%

A preexisting NOL must also be recalculated using this methodology to apply

1/1/10 to 12/31/10...............7%

any remaining loss as a deduction for tax years ending aft er Dec. 31, 2003. All

NOLs incurred aft er this date, whether carried back or forward, must be calculated

Interest rates on assessments are determined annually on Nov. 1 for each

using the revised IT-20NOL schedule.

upcoming year. For further information, call (317) 233-4015 or write:

Th e available Indiana NOL is subject to the same carryback and carryover

Indiana Department of Revenue

provisions as required by the Internal Revenue Code, as adopted and in eff ect

Tax Administration

on January 1 of the taxable year.

100 N. Senate Ave.

NOL carryback should be documented by enclosing an updated Schedule

Indianapolis, IN 46204-2253

IT-20NOL for each loss year. Please refer to instructions in the schedule for the

Internet address:

treatment of NOL deductions.

Part II - Credits and Payments

Be sure to sign, date, and print your name on the return. If a paid preparer

If a change is indicated in column B, lines 9 through 15, provide a complete

completes your return, you can authorize the Department to discuss your tax

explanation in Part IV and attach any schedules, statements, or canceled checks

return with the preparer by checking the authorization box above the signature

that support such change. Note that a change of adjusted gross income tax (column

line. Th e Department may contact you if there are any questions or concerns

C, line 3) may aff ect the amount of allowable College Credit on line 11 and other

about your tax return. If you want the Department to be able to discuss your tax

credits on line 12. Generally, the total credit entered on lines 11 and 12 cannot

return with someone else (e.g., the person who prepared it or a designated person),

exceed the amount of tax entered on line 3 of column C.

please complete the personal representative information area in full.

Part IV

- Please provide a concise explanation of change(s) below. Enclose additional sheets along with the corrected schedules and any other documentation.

Note: If the corporation is undergoing a bankruptcy proceeding, mail an amended return to: Indiana Department of Revenue, Tax Administration, Bankruptcy

Section, 100 N. Senate Ave., Indianapolis, IN 46204-2253, telephone (317) 232-2289.

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24100000000

Form It-20x - Amended Corporation Income Tax Return - 2010 Page 2

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