Form It-20x - Amended Corporation Income Tax Return

Instructions for Indiana Amended Corporation Income Tax Return Form IT-20X

Line 21 - If an amended return is submitted after the due date of the original

Who Should File Form IT-20X

This form should be filed by a corporation amending a previously filed Indiana

return, including valid extensions, penalty must be entered on line 21. The penalty

is 10 percent of the balance due or $5, whichever is greater. A late penalty of $10

Corporation Income Tax Return (Form IT-20, IT-20Fiscal, IT-20SC, or IT-20SC

Fiscal). To amend a previously filed Form IT-65, IT-20G, IT-20S, FIT-20, or

per day may apply to zero tax liability returns delinquently filed.

Line 22 - Indiana law does not provide for the waiver of interest. Interest must

IT-20NP, a corrected copy of the original form must be filed with the amended

be computed on the balance due. Use the interest rate table below to properly

check box marked at the top of the form.

compute the amount of interest for line 22.

If this form is being filed as a result of a Federal Revenue Agent's Report

Line 23 - Add balance due, penalty, and interest to equal the total remittance

(RAR), the change must be documented by attaching copies of the RAR and the

appropriate federal forms within 120 days of such change. If an audit has been

due. Pay this amount.

Refund Due:

conducted, copies of the audit report should also be enclosed. Payment of any

Line 24 - If line 19 is greater than line 8, subtract line 8 from line 19 and enter

balance due, plus interest, must accompany the amended return.

the overpayment.

Indiana Code (IC) 6-3-4-6 requires taxpayers to notify the Department within

Line 25 - Enter the portion of the overpayment from line 24 to be refunded.

180 days of any modification made to a federal income tax return.

If an excess tax payment is not refunded or credited against a current or future

Under Indiana Code IC 6-8.1-9-1, a taxpayer has six months from the date of

tax liability within 90 days after the date the refund claim is filed, the date the tax

modification by the Internal Revenue Service to file a claim for refund with the

Department. Any overpayment resulting from modification of federal income

was due, or the date the tax was paid, whichever is latest, the excess tax payment

accrues interest from the date the refund claim is filed. The statute of limitations

tax liability must be claimed within the latter of three years from the due date

for refund claims is three years from the due date of the return or three years

of the return, three years from the date of payment, or within six months of

from the date the overpayment occurred, whichever is later. Extensions of time

notification of change by the Internal Revenue Service.

to file extend the due date of the return. Quarterly payments are considered to

Copies of all federal waivers that apply to your amended return must be

be made on the due date of the return filed for a taxable period.

enclosed. An agreement with the Department to extend the statute of limitations

Line 26 - Enter that portion of line 24 to be applied to your current estimated

for assessment also extends the period for filing a claim for refund.

Completing the Form

tax account and the year to which the overpayment is to be applied. The total of

lines 25 and 26 must equal the amount shown on line 24.

Taxpayers should refer to the instructions for the corporation income tax

Note: If your overpayment is reduced due to an error on the tax return or

return, and related schedules, of the tax year being amended. You can get copies

an adjustment by the Department, the amount to be refunded (line 25) will be

of certain prior-year returns by contacting the Department of Revenue or by

corrected before any changes are made to the amount on line 26.

visiting

Place your nine-digit federal ID number in the box in the upper-right corner

Table of Interest Rates Charged Per Annum:

of the form. Next, enter your assigned Indiana taxpayer identification number.

1/1/89 to 12/31/91................10%

1/1/05 to 12/31/05..............3%

Complete all other applicable questions.

1/1/92 to 12/31/92................8%

1/1/06 to 12/31/06..............4%

Part I - Summary of Tax Calculations

1/1/93 to 12/31/94................7%

1/1/07 to 12/31/08..............5%

Complete lines 1 through 8 of columns A, B, and C. Use the original IT-20

1/1/95 to 12/31/95.................6%

1/1/09 to 12/31/09..............7%

Fiscal return format computation if amending for a 2002/2003 fiscal year. Attach

the revised return calculation. If the amounts reflected in column A are the result

1/1/96 to12/31/00..................7%

1/1/10 to 12/31/10..............7%

of an Indiana audit, please attach audit Form AD-30. Any changes reflected in

1/1/01 to 12/31/02.................8%

1/1/11 to 12/31/11..............9%

column B must be documented.

1/1/03 to 12/31/03.................6%

1/1/12 to 12/31/12..............4%

If filing because of an IRC Section 172 deduction, effective Jan. 1, 2004, the loss

1/1/04 to 12/31/04.................4%

1/1/13 to 12/31/13..............3%

derived from Indiana must be calculated by applying the modifications, in effect

1/1/14 to 12/31/14..............3%

for the year in which the loss was incurred, used in arriving at Indiana adjusted

gross income. The resulting Indiana net operating loss (NOL), adjusted for any

Interest rates on assessments are determined annually on Nov. 1 for each

federal Section 172 modifications, may be claimed toward reducing, before any

upcoming year. For further information, call (317) 232-0129 or write:

other state deductions, Indiana adjusted gross income. Use Schedule IT-20NOL

Indiana Department of Revenue

(revised 8-09 and after) to determine the available amount you may deduct.

Tax Administration

A preexisting NOL must also be recalculated using this methodology to apply

100 N. Senate Ave.

any remaining loss as a deduction for tax years ending after Dec. 31, 2003. All

Indianapolis, IN 46204-2253

NOLs incurred after this date, whether carried back or forward, must be calculated

using the revised IT-20NOL schedule.

Internet address:

The available Indiana NOL is subject to the same carryover provisions as

Be sure to sign, date, and print your name on the return. If a paid preparer

required by the Internal Revenue Code, as adopted and in effect on January 1 of

completes your return, you can authorize the Department to discuss your tax

the taxable year. Note: The NOL carryback is no longer available.

return with the preparer by checking the authorization box above the signature

Part II - Credits and Payments

line. The Department may contact you if there are any questions or concerns

If a change is indicated in column B, lines 9 through 15, provide a complete

about your tax return. If you want the Department to be able to discuss your

explanation in Part IV and attach any schedules, statements, or canceled checks

tax return with someone else (e.g., the person who prepared it or a designated

that support such change. Note that a change of adjusted gross income tax (column

person), please complete the personal representative information area in full.

C, line 3) may affect the amount of allowable College Credit on line 11 and other

credits on line 12. Generally, the total credit entered on lines 11 and 12 cannot

If you owe tax, please mail your return to IN Department of Revenue,

exceed the amount of tax entered on line 3 of column C.

PO Box 7087, Indianapolis, IN 46207-7087. If you do not owe any tax, mail it to

Part III - Remittance Due or Refund

IN Department of Revenue, PO Box 7231, Indianapolis, IN 46207-7231.

Remittance Due:

Line 20 - If line 8 is greater than line 19, enter the difference as the balance due

on line 20.

Part IV

- Please provide a concise explanation of change(s) below. Enclose additional sheets along with the corrected schedules and any other documentation.

Note: If the corporation is undergoing a bankruptcy proceeding, mail an amended return to: Indiana Department of Revenue, Tax Administration, Bankruptcy

Section, 100 N. Senate Ave., Indianapolis, IN 46204-2253, telephone (317) 232-2289.

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Form It-20x - Amended Corporation Income Tax Return - 2014 Page 2

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