Looking for a Indiana Tax Forms And Templates? Download it for free!

Line 6. Enter the excess net passive income tax reported on

converted to a nonexempt use by the business will be subject

federal Form 1120, line 22a.

to the use tax. Complete the Sales/Use Tax Worksheet on

page 15 to compute any sales/use tax liability. For further

Line 7. Enter the tax from federal Schedule D reported on

information regarding use tax, call (317) 233-4015.

Form 1120S, line 22b.

Note: If you are a registered retail sales or out-of-state use

tax agent for Indiana you must report your nonexempt

Line 8. Enter the lesser amount of excess net passive income

purchases used in your Indiana business on Form ST-103,

from line 8, or taxable income from line 9, as calculated on the

Indiana annual, quarterly or monthly Sales and Use Tax

federal excess net passive income tax worksheet. Attach the

Voucher.

worksheet to the return.

Interest is added if the use tax was not timely paid by the

original due date of the return. A ten (10) percent penalty or

Line 9. Enter net amount: Line 16 from federal Schedule D,

$5, whichever is greater, is charged on each unpaid use tax

Part III reduced by the portion of Section 1374 (b)(2) deduction,

liability. Caution: Do not report your totals from Form ST-103

if any, from line 17 that is attributable to Indiana. If zero or

on this worksheet or on Form IT-20S.

less, enter zero (0) on Line 9. Attach Schedule D (1120S) to

the return.

Line 14. Enter the use tax due from the completed Sales/Use

Tax worksheet on page 15.

Line 11. If the taxable amounts on line 10 are not or cannot be

wholly allocated to Indiana, use the apportionment percentage

Line 15. Enter the total tax liability of the nonresident members

from line 5 to attribute the business income to Indiana. Attach

included in the Composite Adjusted Gross Income Tax Return,

the IT-20S Schedule E, Apportionment of Income for Indiana

column D and E. Attach composite Schedule IT-20COMP.

to the return.

Multiply the amount on line 10 by the Indiana

Line 16. Total tax: Add the tax shown on lines 13, 14 and 15.

apportionment percentage on line 5. If apportionment of income

is not applicable, enter the total amount from line 10.

Line 17. Enter the total credits for all nonresident members

included in the composite return as reflected on Schedule IT-

Line 13. Multiply the amount on line 11 by the corporate

20COMP, column F and other credits, column G. (Attach

adjusted gross income tax rate of eight and one-half (8.5)

copy C of Form WH-18 for each composite member.) Do not

percent, if not otherwise qualified for a reduced rate of tax.

take any credit for individual or separate estimated tax

Effective January 1, 2005, qualified taxable income derived

payments made by the shareholders.

from a designated Indiana Military Base Enhancement Area

(MBEA) is subject to tax at the rate of five (5) percent. This

Line 18. Enter any other payments/credits belonging to the

tax rate is applicable to businesses that locate new operations

corporation such as estimated payments for passive income

in a completely or partially inactive or closed military base

and built-in gains tax or EDGE credit (not passed-through to

during the taxable year and the next succeeding four (4) taxable

shareholders). A detailed explanation must be attached for

years.

any credits claimed on this line.

If you qualify as an MBEA taxpayer under IC 6-3-2-1.5,

complete and attach copy of Schedule M, Alternate Adjusted

Line 19. Subtotal: Subtract lines 17 and 18 from line 16. If a

Gross Income Tax Calculation and check question box P5

balance due remains, proceed to lines 20, 21 and 22.

(Schedule M) on front of form IT-20S. This form is available in

the 2005 Indiana Corporate Income Tax Booklet. Enter on line

Line 20. Enter total interest due.

13 your total computed adjusted gross income tax based on

Caution: Two separate calculations of interest and penalty

taxable income reported on line 11 of Schedule B.

may be required:

If tax exceeds $1,000, attach completed Indiana Schedule

1. Interest is computed on the net amount of composite

IT-2220 to compute any underpayment of estimated tax or to

tax, on line 19, paid after the fifteenth (15) day of

show an exception to the penalty.

the third (3) month following the end of the corporation’s

taxable year. Interest is calculated from the day

Summary of Calculations

following the due date for payment of composite tax

to the actual date the balance is paid with the IT-20S

Sales/Use Tax Worksheet

return.

IC 6-2.5-3-2 imposes a use tax at the rate of six (6) percent

2. Interest on use tax and Schedule B tax is calculated

(.06) upon the use, storage or consumption of tangible personal

on the remaining amount of tax on line 19 that is paid

property in Indiana that was purchased or rented in a retail

after the original due date of the IT-20S return.

transaction, wherever located, and sales tax was not paid.

Examples of taxable items include magazine

Contact the Department for the current rate of interest

subscriptions, office supplies, electronic components and

charged.

rental equipment. Also, any property purchased free of tax by

use of an exemption certificate or from out-of-state, and

Form It-20s - S Corporation Income Tax Booklet - Indiana Department Of Revenue - 2005 Page 9

Related Articles

Related forms

Related Categories