Instructions For Form Fit-20 - Indiana Financial Institution Tax Return - 2011 Page 7
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28Questions L through W of the FIT-20 must be completed for the
See line 16 to report recovery of a debt that becomes worthless to
return to be accepted by the Department. Check or complete all
the extent a deduction was allowed from gross income in a prior
boxes that apply for your return.
tax year under IRC Sec. 166(a).
Check box S-1 if you are filing an initial return for the state of
Line 5. Enter the amount deducted for bad debt reserves of banks
Indiana.
(IRC Sec. 585).
Line 6. Enter the amount deducted for bad debt reserves (IRC
Is this filing your final return for the state of Indiana? Check box
S-2 only if the corporation is dissolved, is liquidated, or withdrew
Sec. 593).
from the state. Also, you must timely file Form BC-100 to
close out any sales and withholding accounts. Go to
Line 7. Enter the amount deducted for charitable contributions
to complete this form online.
(IRC Sec. 170).
Check box S-3 if the corporation is in bankruptcy.
Line 8. Enter the amount deducted on the federal return for all
state and local taxes based on or measured by income (IRC
Check box S-4 if you are filing as a real estate mortgage investment
Sec. 63).
conduit (REMIC). Note: The return for a REMIC is due on the15th
Line 9. Enter an amount equal to the capital loss carryover (from
day of the fifth month following the close of the taxpayer’s tax year.
federal Schedule D: line 4, minus line 14 loss amount) to the
Check box V-1 if an extension of time to file your return is in
extent used in offsetting capital gains allowed under IRC Section
effect. If applicable, enclose a copy of federal Form 7004 when
1212. See the instructions to line 23 for subtracting the amount
filing your state return.
deductible for Indiana net capital losses.
Line 10. Enter the amount of interest on state and local obligations
Schedule A - Line Instructions
excluded under IRC Section 103, or under any other federal law,
Caution: If you are a state-chartered credit union or an investment
minus the associated expenses disallowed in the computation of
company, check box K. Begin on line 19 to complete the return.
taxable income under IRC Section 265.
Read the instructions for line 19 before completing the form.
Lines 11 A, B, C, and D. Other Income Modifications
Note: Per IC 6-8.1-6-4.5, you must now round your amounts to
the nearest whole dollar. Each line on which an amount can be
Enclose a complete explanation for your adjustments.
entered has a “.00” already filled in. This is to remind you that
Line 11A. Enter an amount equal to the amount claimed as a
rounding is now required when completing your tax return.
deduction for domestic production activities under IRC Section
Amounts of $0.49 or less should be rounded down to the nearest
199 for federal income tax purposes.
dollar. For example, $23.44 should be rounded down to $23.
Line 11B. Add or subtract an amount attributable to bonus
Amounts of $0.50 or more should be rounded up to the nearest
dollar. For example, $23.50 should be rounded up to $24.
depreciation in excess of any regular depreciation that would be
allowed had not an election under IRC Section 168(k) been made
Also, please do not use a comma in dollar amounts of four digits
as applied to property in the year that it was placed into service.
or more. For example, instead of entering “3,455” you should enter
Taxpayers who own property for which additional first-year
“3455. ”
special depreciation for qualified property, including 50% bonus
depreciation, was allowed in the current taxable year or in an
Line 1. Enter your federal taxable income from Federal Form
earlier taxable year, must add or subtract an amount necessary to
1120 before the net operating loss deduction or the special federal
make their adjusted gross income equal to the amount computed
deduction.
without applying any bonus depreciation. The subsequent
depreciation allowance is to be calculated on the state’s stepped-
Note: If filing as a state-chartered credit union or an investment
up basis until the property is disposed. If line 11B’s amount is
company registered under the Investment Company Act of 1940,
negative, use a minus sign to denote that.
go to line 19 to enter your adjusted gross income as defined under
IC 6-5.5-1-2(b) and(c).
The additional depreciation may be excluded in subsequent years
from the amounts to be added back on line 11B, or 11C when
Line 2. Enter the qualifying dividend deduction.
excess IRC Section 179 deduction or bonus depreciation was
elected.
Line 3. Subtotal: Subtract line 2 from line 1.
See Commissioner’s Directive #19, ,
Add backs: Lines 4 through 10 deducted at the federal level.
for information on the allowance of depreciation for state tax
purposes.
Line 4. Enter the amount deducted for bad debt (IRC Sec. 166).
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