Instructions For Form Fit-20 - Indiana Financial Institution Tax Return - 2011 Page 16
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28year overpayment of the financial institution tax only. Indiana
B. If the return showing no tax liability (on line 31) is filed
will accept the federal extension date, plus an additional 30 days.
late, the penalty for failure to file by the due date will
However, an extension of time to file is not an extension of time
be $10 for each day that the return is past due, up to a
to pay. You must pay at least 90% of the current year liability by
maximum of $250.
the original due date of the franchise tax return. Enter the total
Line 48. Total Due: Add lines 44 through 47. If a payment is due,
amount on line 41c.
enter the total tax due plus any applicable penalty and interest.
Line 42. Other Payments/Credits: Enter any other payments that
Make checks payable to the Department for each Form FIT-20
are allowable and enclose an explanation. Claim the approved
filed. All payments must be made in U.S. funds.
EDGE Program and Job Retention Credits (EDGE) credit against
financial institution tax on this line.
Lines 49, 50, and 51. Total Overpayment: If the taxpayer has an
overpayment determined by subtracting the amounts on lines
The EDGE credit for job retention is a state refundable tax liability
39, 45, and 47 from the amount on line 43, the corporation can
credit. This credit is for businesses who conduct certain activities
elect to have a portion or all of its overpayment credited to next
designed to foster job creation or job retention in Indiana. A
year’s estimated tax account. The portion to be refunded should
taxpayer claiming this credit must include all information that the
be entered on line 50, and the portion to be applied to next year’s
Department determines necessary for the calculation of the credit
account should be entered on line 51. The total of line 50 and line
on the annual state tax return. The approved credit letter from the
51 must equal the amount on line 49.
IEDC and a computation of the credit must be enclosed with the
return; otherwise, this credit will not be allowed.
If your overpayment is reduced due to an error on the return or
an adjustment by the Department, the amount to be refunded
Contact the Indiana Economic Development Corporation, One
will be corrected before any changes are made to the estimated
North Capitol, Suite 700, Indianapolis., IN 46204, for eligibility
account for next year. A refund may be set off and applied to other
requirements, or visit
for additional information.
liabilities under IC 6-8.1-9-2(a) and 6-8.1-9.5.
Line 43. Total Payments: Add lines 40 through 42.
Certification of Signatures and Authorization
Section
Line 44. Balance of Tax Due: Subtract line 43 from line 39.
Be sure to sign and date the return and to print your name on
it. If a paid preparer completes your return, you can authorize
Line 45. Penalty for Underpayment: Enter the penalty, if any,
the Department to discuss your tax return with the preparer by
for underpayment of estimated tax as calculated on Schedule
checking the authorization box above the signature line.
FIT-2220.
An officer of the organization must show his title and sign and date
Note: If a taxpayer’s annual liability exceeds $2,500, filing quarterly
the tax return. Please enter your daytime telephone number so we
estimated payments to remit 25% of the estimated annual tax
can call you if we have any questions about your tax return. Also,
liability is required.
enter your e-mail address if you would like us to be able to contact
you via e-mail.
Line 46. Interest: If payment is made after the original due date,
interest must be included with the payment. Interest is calculated
Personal Representative Information
from the original due date of the return until the date of payment.
Typically, the Department will contact you if there are any
questions or concerns about your tax return. If you want the
Contact the Department for the current rate of interest charged by
Department to be able to discuss your tax return with someone
calling (317) 232-0129, or get Departmental Notice #3 online at
else (e.g., the person who prepared it or a designated person), you
must complete this area.
An extension of time to file does not grant an extension of time to
First, you must check the “Yes” box that follows the sentence
pay any tax due; therefore, interest must be calculated.
“I authorize the Department to discuss my tax return with my
personal representative. ” Next, enter the following:
Line 47. Late Penalty: Enter the computed penalty amount that
The name of the individual you are designating as your
applies.
personal representative;
A. If a payment is made after the original due date, a
The individual’s telephone number; and
penalty that is the greater of $5 or 10% of the remaining
The individual’s complete address.
tax due must be entered. The penalty for late payment
or late filing will not be imposed if all three of the
If you complete this area, you are authorizing the Department to
following conditions are met:
be in contact with your personal representative other than you
(1)
A valid extension of time to file exists;
concerning information about this tax return. After your return
(2)
At least 90% of the tax was paid by the original
is filed, the Department will communicate primarily with your
due date; and
designated personal representative.
(3)
The remaining tax is paid by the extended due
date.
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