Form It-20x - State Form 438 - Amended Corporation Income Tax Return

(8-04)

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

Who Should File Form IT-20X

Part II - Credits and Payments

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

This form should be filed by a corporation amending a previously filed Indiana

explanation on Part IV below and attach any schedules, statements, or canceled

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

checks which support such change. Note that a change of adjusted gross income

IT-20SC Fiscal). To amend a previously filed Form IT-65, IT-20G, IT-20S,

FIT-20, or IT-20NP, a corrected copy of the original form must be filed

tax (column C, line 3) may affect the amount of allowable College Credit on

line 11 and other credits on line 12. Generally, the total credit entered on lines

with "AMENDED" marked clearly at the top of the form.

11 and 12 cannot exceed the amount of tax entered on line 3 of column C.

Note: If the corporation is undergoing a bankruptcy proceeding, mail this

amended return to the Indiana Department of Revenue, Compliance Division,

Bankruptcy Section, Indiana Government Center North, 100 N. Senate Ave.,

Part III - Remittance Due or Refund

Indianapolis, Indiana, 46204-2253, telephone (317) 233-3158.

Remittance Due:

If this form is being filed as a result of a Federal Revenue Agent's Report (RAR),

Line 20 - If line 8 is greater than line 19 enter the difference as the balance

the change must be documented by attaching copies of the RAR and the

due on line 20.

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

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

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

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

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

21. The penalty is ten (10) percent of the balance due, or $5, whichever is

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

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

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

delinquently filed.

return.

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

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

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

of modification by the internal Revenue Service to file a claim for refund with

compute the amount of interest for line 22.

the Department. Any overpayment resulting from modification of federal

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

income tax liability must be claimed within the latter of three (3) years from

Pay this amount.

the due date of the return, date of payment, or within six (6) months of

Refund Due:

notification of change by the Internal Revenue Service.

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

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

overpayment.

attached. An agreement with the Department to extend the statue of limitations

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

for assessment also extends the period for filing a claim for refund.

When a refund is due, and if applicable, the Department will compute any

interest due according to IC 6-8.1-9-2(c). An overpayment of tax that is not

Completing the Form

refunded within ninety (90) days after:

Taxpayers should refer to the instructions for the corporation income tax

1. The date the tax payment was due;

return, and related schedules, of the tax year being amended. Copies of certain

2. The date the tax was paid; or

prior year returns may be obtained by contacting the Department of Revenue

3. The date the refund claim is filed, whichever is latest, will accrue

or at

interest from the date the tax was due or paid, at the rate

Place your nine digit Federal Identification Number in the box at the upper

established under IC 6-8.1-10-1.

right-hand corner of the form. Next enter your assigned Indiana Taxpayer

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

Identification Number. Complete all other applicable questions.

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

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

Part I - Summary of Tax Calculations

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

taxable period.

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

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

Fiscal return format computation if amending for a 2002/2003 fiscal year.

tax account and the year to which the overpayment is to be applied. The total

Attach revised return calculation. If the amounts reflected in column A are the

result of an Indiana audit, please attach audit Form AD-30. Any changes

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

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

reflected in column B must be documented.

If filing because of an IRC Section 172 deduction, effective January 1, 2004,

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.

the loss derived from Indiana must be calculated by applying the modifications,

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

Table of Interest Rates Charged Per Annum:

adjusted gross income. The resulting Indiana net operating loss, adjusted for any

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

1/1/92 to 12/31/92..................8%

federal Section 172 modifications, may be claimed toward reducing, before any

1/1/83 to 12/31/83................13%

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

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

1/1/84 to 12/31/85................12%

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

(revised 8-04 and after) to determine the available amount you may deduct.

A pre-existing net operating loss must also be recalculated using this

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

1/1/96 to 12/31/00..................7%

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

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

methodology in order to apply any remaining loss as a deduction for tax years

ending after December 31, 2003. All net operating losses incurred after this date,

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

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

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

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

whether carried back or forward, must be calculated using the revised IT-20NOL

Interest rates on assessments are determined annually on November 1st for

schedule.

The available Indiana net operating loss is subject to the same carry-back and

each upcoming year.

carryover provisions as required by the Internal Revenue Code, as adopted and

For further information, call (317) 615-2662 or write:

in effect on January 1, of the taxable year.

Indiana Department of Revenue

Net operating loss carry-back should be documented by attaching an updated

Corporate Income Tax Section

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

100 North Senate Avenue

schedule for the treatment of net operating loss deductions.

Indianapolis, Indiana 46204-2253

Internet address:

Part IV-

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

Form It-20x - State Form 438 - Amended Corporation Income Tax Return - Indiana Page 2

Related Articles

Related forms

Related Categories