Form It-20s - Indiana S Corporation Income Tax Return - 2014 Page 12
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32Also, any property purchased free of tax using an exemption
pro rata credits on one line of the IN-OCC; do not enter a line for
certificate or from out-of-state that is converted to a nonexempt use
each composite member. The total amount of credit for the members
by the business is subject to the use tax. Complete the Sales/Use Tax
on the composite return cannot exceed the entity’s total tax due. In
Worksheet on page 14 to compute any sales/use tax liability. For
addition, sales and use tax cannot be offset by these nonrefundable
further information about use tax, call (317) 232-0129.
credits if included in the total tax due. If an individual income tax
return is being filed for a nonresident member, the member should
Note: If you are a registered retail sales or out-of-state use tax agent
opt out of the composite by filing Schedule IN-COMPA and should
for Indiana, you must report the nonexempt purchases used in
claim these credits on the IT-40PNR. In such a case, these credits
your Indiana business electronically. These taxes can be paid online
should not be claimed on the IN-OCC.
through INtax.
Line 23. Subtotal: Subtract lines 17 – 22 from line 16. If a balance due
Interest is added if the use tax was not timely paid by the original
remains, proceed to lines 24 – 26.
due date of the return. A 10% penalty or $5, whichever is greater, is
charged on each unpaid use tax liability. Caution: Do not report your
Line 24. Interest: Enter the total interest due. Caution: Two separate
totals from Form ST-103 on this worksheet or on Form IT-20S.
calculations of interest and penalty may be required:
1. Interest is computed on the net amount of composite tax, on
Line 13. Enter the use tax due from the Sales/Use Tax worksheet.
line 23, paid after the 15th day of the 4th month following
the end of the corporation’s taxable year. Interest is calculated
Line 14. Enter the total tax liability of the nonresident members
from the day following the due date for payment of the
included in the Composite Adjusted Gross Income Tax Return,
composite tax to the actual date the balance is paid with the
column F. Enclose Schedule IT-20SCOMP.
IT-20S return.
2. Interest on the use tax and Schedule B tax is calculated on
Line 15. Total tax. Add the tax shown on lines 12, 13, and 14.
the remaining amount of tax on line 23 that is paid after the
Continue to page 2 of the return.
original due date of the IT-20S return.
Line 17. Enter the total amount of withholding for all nonresident
For the current rate, call the department at (317) 232-0129 or get
members included in the composite return. (Enclose a copy C of
Departmental Notice #3 ( ).
each Form WH-18.) Do not take any credit for individual or separate
Line 25. Penalty: Enter the total penalty due. The penalty for
estimated tax payments made by the shareholders.
late payment is 10% of the amount (but not less than $5) of any
Line 18. Enter the total composite withholding payments from
composite tax due on line 23 paid after the 15th day of the 4th month
Form IT-6WTH. Amounts withheld from nonresident individual
following the end of the corporation’s taxable year. If a composite
shareholders included in the composite return may be remitted using
tax is due because of a failure to withhold on income distributions
Form IT-6WTH.
to nonresident shareholders, a penalty of 20% is added. (See the
previous caution for line 24.) The penalty is still due on those taxes
Line 19. Enter any other payments/credits belonging to the
paid after the original due date of the return. This penalty equals the
corporation. This may be estimated payments for passive income
greater of $5 or 10% of the amount of the use tax and the Schedule B
and built-in gains tax that was not otherwise passed through to the
tax on line 23.
shareholders. A detailed explanation must be enclosed for any credits
claimed on this line.
If a return showing no liability on line 16 is filed late, the penalty for
failure to file by the due date is $10 per day the return is past due,
Line 20. Economic Development for a Growing Economy credit:
up to a maximum of $250. If the tax on line 23 exceeds $2,500, add
Enter the amount of Economic Development for a Growing
any underpayment of estimated tax penalty computed on Schedule
Economy (EDGE) credit you are claiming from line 19 of Schedule
IT-2220 or enclose a completed schedule to show your exception to
IN-EDGE. You must complete Schedule IN-EDGE and enclose it
this penalty. In addition, a separate $10 penalty is assessed on each
with your return. Otherwise, this credit will not be allowed.
Schedule IN K-1 information return that is late.
Line 21. EDGE-R credit: Enter the amount of EDGE-R credit you are
Line 26. Penalty: A penalty of $500 is assessed to any S corporation
claiming from line 19 of Schedule IN-EDGE-R. You must complete
that fails to file a composite return for all of its qualifying nonresident
Schedule IN-EDGE-R and enclose it with your return. Otherwise,
shareholders* (PL 211-2007 SEC. 27, 44, 58). If you fail to include
this credit will not be allowed.
all nonresident shareholders on your composite return, remit that
penalty here.
Line 22. Other certified credits: Enter the total amount of credits
*Exception: Certain shareholders will not be included in the
claimed from Schedule IN-OCC, and be sure to enclose Schedule
IN-OCC with your return. If filing this schedule with the IT-20S,
composite filing. See the exceptions listed under “Instructions for
only reflect the credit amounts from the IN K-1s on behalf of the
Form IT-20SCOMP, Composite Return” on page 16.
entity’s shareholders who are included on the composite return. Do
not include credits from the IN K-1s that belong to shareholders
Keep track of the names of the shareholders not included on the
who are not included on the composite return. Enter the combined
composite return and who do not meet the previous exceptions. The
department may request this information at a later date.
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