Shedule Tcsp-40 Form - Twenty-First Century Scholars Program Credit - 2003
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1Attachment
Schedule
Twenty-First Century Scholars
13
TCSP- 40
Sequence No.
Program Credit for the Year ______
SF 47335
8/03
This schedule is for computing credit for contributions to the Twenty-First Century
Scholars Program and must be attached to the contributor's income tax return.
Name of contributor
Social Security Number or Federal ID No.
Street Address
Taxpayer’s calendar or fiscal year
City
State
Zip Code
Type of Return Filed
Individual
Corporate
Fiduciary
Column B
Column A
Married Filing
Single or Married
PART I
Individual and Fiduciary Computation of Credit
but Filing Separately
a Joint Return
1. Enter the total contributions to the Twenty-First Century Scholars
Program ...............................................................................................
1
1
2. Enter 50% of line 1 ...........................................................................
2
2
3. Limitation ($100 single return or $200 joint return) ................................
100.00
200.00
3
3
4. Enter the lesser of line 2 or line 3 .......................................................
4
4
5. Enter Indiana adjusted gross income tax from line 15 of IT-40, line 12 of
IT-40PNR or line 10 of IT-41 ......................................................................
5
5
6. Allowable Credit: Enter line 4 or 5, whichever is less. Enter here and on
IT-40 Schedule 2, line 10; on IT-40PNR Schedule E, line 10; or on
IT-41 line 14 .....................................................................................
6
6
PART II
Corporation's Computation of Credit
1. Enter the total contributions to the Twenty-First Century Scholars Program ..........................
1
2. Enter 50% of line 1, or $1,000, whichever is less ....................................................................
2
3. Enter the adjusted gross income tax from the appropriate line on IT-20.....................
3
4. Multiply line 3 by 10% (.10) ...................................................................................................
4
5. CREDIT: Enter line 2 or line 4, whichever is less. Enter here and on appropriate line
of the corporate tax return ...............................................................................................................
5
Important:
The taxpayer will be required to retain the receipts given by the Twenty-First Century Scholars Program indicating that a
contribution has been made. These receipts should be maintained for a period of three years after the due date of the
annual tax return where the credit was taken or three years after the date that return was filed, whichever is later.
General Information
Indiana taxpayers are allowed a credit against their Indiana state adjusted gross income tax liability for contributions to the
Twenty-First Century Scholars Program. Detailed information about the scholarship program, registration, and administration
may be obtained by calling the Twenty-First Century Scholars Program at (317) 233-2100.
Nonresident individuals with taxable income from Indiana sources who have contributed to the Twenty-First Century Scholars
Program are allowed a credit against their Indiana state adjusted gross income tax liability on Form IT-40PNR.
This credit is a nonrefundable credit for individuals and corporations and has no carryover provision.
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