Form It-40 - Indiana Full-Year Resident Individual Income Tax Booklet - 2013 Page 51
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60Restriction for certain tax credits -
states in the appropriate boxes and the 2-digit code number for the ap-
propriate state in the boxes. Find the 2-digit code number on the chart
Limited to one per project
below.
A taxpayer may not be granted more than one credit for the same
project. The credits that are included are the alternative fuel vehicle
manufacturer credit, community revitalization enhancement district
State
Use
State
Use
credit, enterprise zone investment cost credit, Hoosier business invest-
Code #
Code #
ment credit, industrial recovery credit, military base investment cost
Illinois
94
Ohio
97
credit, military base recovery credit and the venture capital investment
Kentucky
95
Pennsylvania
98
credit.
Michigan
96
Wisconsin
99
Apply this restriction first when figuring your credits. Then apply the
following Combined Limitation.
Note. This entry is for information purposes only, and will not change
Combined Limitation
your refund or the amount you may owe.
There is one final limitation if you have more than one credit to be
entered on lines 4 through 6 of Schedule 6. These credits, when com-
Line 3 – Extension of time to file information
bined, cannot be greater than the state adjusted gross income tax
Place an “X” in the box on line 3a if you have a valid federal extension
(AGIT) shown on Form IT-40 line 8; if they are, adjust the amounts
of time to file (federal Form 4868 or Form 2350). Place an “X” in the
before you enter them.
box on line 3b if you have a valid Indiana extension of time to file,
Form IT-9.
How to adjust the amount of credit to enter
(examples)
Line 4 – Farmers and fishermen
Example. Tanya is eligible to claim both a $200 college credit and a
Farmers and fishermen have special filing considerations. If at least
$300 credit for taxes paid to other states, for a $500 total amount of
two-thirds (2/3) of your gross income is from farming or fishing, mark
offset credits. Her state adjusted gross income tax due (IT-40, line 8) is
the box provided on the back of the tax return. This will make sure
$360. Since her combined credits are $140 more than her state tax due,
that a penalty for the underpayment of estimated tax is not assessed
she should reduce the last entry (the $300 credit for taxes paid to other
provided you have followed through by:
states) by the $140 difference to $160. She will enter the full $200 col-
•
Paying all your estimated tax on or by Jan. 15, 2014 and filing
lege credit on Schedule 6, line 4, and the $160 limited credit for taxes
your Form IT-40 by April 15, 2014, or
paid to other states on line 5.
•
Filing your Form IT-40 by March 3, 2014, and paying all the tax
due at that time. You are not required to make an estimated tax
Example. Matthew has a $500 Indiana College Choice 529 savings plan
payment if you use this option.
credit and a $600 employer health benefit plan credit. His state ad-
justed gross income tax due (IT-40, line 8) is $700. He will report the
Important. If you have checked the box, you must enclose the com-
full $500 Indiana College Choice 529 savings plan credit on Schedule
pleted Schedule IT-2210 to support your claim.
6, line 6a, and enter $200 of the employer health benefit plan credit on
line 6b. He will carry the $400 remaining unused employer health ben-
Line 5 – Date of death
efit plan credit over to next year’s tax return.
If the taxpayer and/or spouse died during 2013, and this return is
being filed with his/her name on it, make sure to enter the month and
day of death in the appropriate box. For example, a date of death of
Schedule 7: Additional Required
Jan. 9, 2013, would be entered as 01/09/2013. See instructions on
page 7 for more information.
Information
Note. If the taxpayer and/or spouse died before 2013, or after Dec. 31,
Line 1 – Federal filing information
2013, but before filing his or her tax return, do not enter his/her date
You must place an “X” in the “yes” or “no” box to answer the question:
of death in this box.
“Are you filing a federal income tax return for 2013?”
Line 6 – Telephone and email address information
Line 2 – Out-of-state income information
If this is a joint return, both you and your spouse must sign and date
If you and/or your spouse worked in Illinois, Kentucky, Michigan,
the tax return. Please enter your daytime telephone number so we can
Ohio, Pennsylvania and/or Wisconsin during 2013, complete this area.
call you if we have any questions about your tax return. Also, enter
Enter the salary, wage, tip and/or commission income from those
your email address if you would like us to be able to contact you by
email.
Page 51
IT-40 Booklet 2013
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