Instructions For Form Fit-20 - Indiana Financial Institution Tax Return - 2011 Page 27
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28Instructions for Form FT-ES
Special Reminders
Quarterly payments of estimated financial institution tax for
1. Financial institutions filing on a fiscal-year basis must
calendar-year taxpayers are due on April 20, June 20, September
enter their tax year beginning and ending dates.
20, and December 20 of the taxable year. Fiscal-year and short tax-
2. Net operating loss deductions must be supported by
year filers must remit by the 20th day of the fourth, sixth, ninth,
the completed Schedule FIT-20NOL enclosed with the
and twelfth months of their tax periods.
return.
3. The FIT-20, Underpayment of Estimated Tax by
Form FT-QP must be used when making these quarterly
Financial Institutions, must be completed to reflect the
payments. (Do not use Form IT-6.) Please note the voucher
applicable penalty. See page 4 of the return.
number on the form when making the payment for that quarter.
4. Questions L through W on the front of the return must
Payments made after the quarterly due date will be reported in the
be answered.
following quarter when paid.
5. A copy of the first four pages of the corporation’s federal
tax return must be enclosed with Form FIT-20, along
If the annual tax liability is less than $2,500, estimated payments
with Schedule M-3 and a copy of any extension to file
are not required to be made. If the quarterly payment exceeds
form.
$5,000, payments must be made by electronic funds transfer
6. If an extension of time to file exists, the corporation
(EFT). Contact the EFT Section at (317) 232-5500 for more
must prepay at least 90% of the tax due by the original
information.
due date. Failure to do so will result in a 10% penalty
on the amount paid after the original due date of the
Use the preprinted Form FT-QP estimated payment vouchers
return. Interest will be due on any payment made after
mailed to you at the beginning of your tax year. If you make
the original due date.
payment by EFT, you don’t need to file FT-QP forms. If you do
7. If applicable, check the box indicating you are either a
not have preprinted forms and need coupon vouchers, fill out the
state-chartered credit union or an investment company.
appropriate FT-ES voucher for the tax period on the form provided
8. If the name change box is checked, enclose with the
at the end of this booklet. Enter the total financial institution tax
return copies of amended Articles of Incorporation
due for the quarter.
or an Amended Certificate of Authority filed with the
Indiana Secretary of State.
Any penalty and interest paid as a result of a late payment
assessment cannot be claimed as a credit on the annual return.
If you have any questions, refer to Commissioner’s
Directive #14 at
or contact Tax
Claims for refunds are processed on an annual basis only. If
Administration at (317) 232-0129
errors are discovered on a quarterly filing, these errors should be
adjusted on either the next quarterly return or the annual return.
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