Form It-40 - Indiana Full-Year Resident Individual Income Tax Booklet - 2013 Page 17
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60This add-back is only for current year conformity issues. Conformity
Qualified leasehold improvement property add-back
issues for preceding tax years must be addressed on the add-back
This add-back is no longer required. Therefore, do not add back any
line specific to the item in question. For instance, an add-back for the
depreciation expense related to qualified leasehold improvement prop-
qualified refinery property was first added-back on the 2009 Schedule
erty deducted for federal tax purposes.
1, line 12. The adjustment going forward should be reported on the
2013 Schedule 1, line 7, using the 3-digit code 111.
Important. Current-year legislation removed this from being a re-
quired add back beginning with the 2012 tax year for assets placed in
If the state legislature does not conform to federal code changes
service during 2012. Therefore, if you reported this add-back on your
enacted after January 1, 2013, you may have to amend your return at
2012 state tax return, you may be eligible for a refund or a reduction
a later date to reflect any differences between Indiana and federal law.
of any tax otherwise owed. See Option 1 and Option 2 on page 14 to
You may wish to periodically check the department’s homepage at
find which option works best for you.
for updates.
•
If you choose Option 1, file an amended 2012 state tax return, de-
Enter code 120 on Schedule 1 under line 7 if reporting this add-back.
ducting the amount previously added back.
•
If you choose Option 2, do not file an amended 2012 state tax
Qualified advance mining safety equipment add-
return. Instead, enter code 306 on the 2013 Schedule 1 (under
line 7) and enter the amount that was originally added back in the
back
prior year as a negative amount.
This add-back is no longer required. See Certain discontinued add-
backs: How and when to report a difference on page 14 for an example
Example. Owen added back a qualified leasehold improvement prop-
of how to figure a final catch-up amount (enter code 126 on Schedule
erty expense on his 2012 state return. Instead of opting to amend his
1 under line 7 if reporting a catch-up amount).
2012 state return (Option 1), Owen has chosen Option 2, which is to
report it on his 2013 state return on Schedule 1. He will list it under
Qualified disaster assistance property add-back 110
line 7 using the unique 3-digit code number 306, and will report it as a
If you claimed the special allowance for qualified disaster assistance
negative amount.
property under Section 168(n) of the IRC, add the amount necessary
to make your adjusted gross income (AGI) equal to the amount of AGI
See Certain discontinued add-backs: How and when to report a
that would have been computed had the special allowance not been
difference on page 14 for more information.
claimed for the property.
Qualified preferred stock add-back
113
Enter code 110 on Schedule 1 under line 7 if reporting this add-back.
You may have had a loss from the sale or exchange of preferred stock
in:
Qualified electric utility amortization add-back 135
•
The Federal National Mortgage Association, established under the
This add-back is no longer required. See Certain discontinued add-
Federal National Mortgage Association Charter Act (12 U.S.C.
backs: How and when to report a difference on page 14 for an example
1716 et seq.), or
of how to figure a final catch-up amount (enter code 135 on Schedule
•
The Federal Home Loan Mortgage Corporation, established un-
1 under line 7 if reporting a catch-up amount).
der the Federal Home Loan Mortgage Corporation Act (12 U.S.C.
1451 et seq.).
Qualified environmental remediation costs add-back
121
If you treated this as an ordinary loss under Section 301 of the Emer-
This add-back is no longer required. See Certain discontinued add-
gency Economic Stabilization Act of 2008 in the current taxable year
backs: How and when to report a difference on page 14 for an example
or in an earlier taxable year, add an amount equal to the amount of
of how to figure a final catch-up amount (enter code 121 on Schedule
adjusted gross income that would have been computed had the loss
1 under line 7 if reporting a catch-up amount).
not been treated as an ordinary loss.
Qualified film or television production add-back 112
Enter code 113 on Schedule 1 under line 7 if reporting this add-back.
If you made an election under Section 181 of the IRC to expense costs
for a qualified film or television production tax purposes, add the
Qualified refinery property add-back
111
amount necessary to make your adjusted gross income (AGI) equal to
If you made an election under Section 179C of the IRC to expense
the amount of AGI that would have been computed had the election
costs for qualified refinery property, add the amount necessary to
not been made for that year.
make your adjusted gross income (AGI) equal to the amount of AGI
that would have been computed had the election not been made for
Enter code 112 on Schedule 1 under line 7 if reporting this add-back.
that year.
Enter code 111 on Schedule 1 under line 7 if reporting this add-back.
Page 17
IT-40 Booklet 2013
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