Fillable Form It-41 - Fiduciary Income Tax Return (Page 6 of 9) in pdf

Qualified Refinery Property Addback

operating loss deduction may be claimed on Line 8.

Enter an amount equal to the amount claimed as a

You must enclose a copy of the Federal Form 1045

deduction for expense costs for qualified refinery

and the Indiana Schedule IT-40NOL, Individual

property under Section 179C of the IRC for federal

Income Tax Net Operating Loss Computation.

income tax purposes.

Line 5, Total Income

Section 179 Expense Excess Addback

Add Lines 1 through 4. Enter the amount here.

Enter any IRC Section 179 adjustment claimed

Line 6, U.S. Government Obligations Interest

for federal tax purposes that exceeds the amount

recognized for state tax purposes. Indiana adopted

Enter the amount of interest on U.S. government

the former expensing limit provided by The Jobs

obligations that is nontaxable by Indiana only to the

Creation and Workers Assistance Act of 2002 and

extent that such income was reported on Line 1.

has since specified an expensing cap of $25,000.

Line 7, Non-Indiana Fiduciary Income

This modification affects the basis of the property

if a higher Section 179 limit was applied. Enclose a

Nonresidents may enter the portion of federal

statement to explain your adjustment.

fiduciary taxable income not apportioned or allocated

to Indiana. A separate statement (or other state’s tax

Trade or Business Deductions Based on

return) must be enclosed indicating to which state the

Employment of an Unauthorized Alien Addback

income is attributable.

For taxable years beginning after June 30, 2011, add

Line 8, Indiana Portion Of Net Operating Loss

back the amount allowed under the IRC for wages,

reimbursements, or other payments made for services

Enter the Indiana portion of net operating loss

provided in Indiana by a financial institution if

deduction and enclose Indiana Schedule IT-40NOL.

the person was prohibited from being hired as an

Please review the IT-40NOL and instructions before

employee because the person was an unauthorized

entering an amount on this line.

alien. This addback requirement does not apply to

Line 9, State Taxable Income

payments made for services provided to a business

that was enrolled and participated in the E-Verify

Subtract Lines 6, 7, and 8 from Line 5. This is your

program (as defined in IC 22-5-1.7-3) during the time

Indiana taxable income.

the taxpayer conducted business in Indiana in the

taxable year.

Line 10, State Adjusted Gross Income Tax

Multiply the amount on Line 9 by 3.4% (.034).

U.S. Government Obligations Expenses Addback

Line 11, Additional Tax

Deductions allocable to tax-exempt income must be

• Bankruptcy Estates—Please enter the amount

used only against tax-exempt income. Therefore, if

interest in U.S. government obligations is excludable

of tax due from the Indiana individual income

on the Indiana fiduciary return, expenses related

tax return. Enclose a copy of the IT-40

to such tax-exempt income must be added back to

showing calculations.

taxable income for Indiana purposes.

• Composite Filers—Enter the total tax liability

Line 3, Lump Sum Distribution

from the IT-41 composite filing schedule for

Enter the amount of lump sum distribution (net of

nonresident beneficiaries.

allocable federal estate tax) reported on Federal

• ESBTs—Report the tax due on the Indiana

Form 4972.

portion of income from an electing small

Line 4, Net Operating Loss Deduction

business trust (ESBT). You must enclose

Add back the net operating loss deduction claimed

a statement showing the income and tax

on your federal return. The Indiana portion of the net

computation using the 3.4% (.034) Indiana

state tax rate.

Form It-41 - Fiduciary Income Tax Return Page 6

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