Form It-40 - Indiana Full-Year Resident Individual Income Tax Booklet - 2012 Page 12
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64Farmers and fishermen have special filing considerations. If at least
A note about refund offsets
two-thirds (2/3) of your gross income is from farming or fishing,
Indiana law requires that money you owe to the state, its agencies and
Complete Schedule IT-2210, using the Section D Short Method.
certain federal agencies be deducted from your refund or credit before
a refund is issued. This includes money owed for past-due taxes,
Schedule IT-2210A should be used by individuals who receive in-
student loans, child support, food stamps or an IRS levy. If the Depart-
come (not subject to withholding tax) unevenly during the year. This
ment applies your refund to any of these debts, you will receive a letter
schedule will help determine whether a penalty is due, or whether an
explaining the situation.
exception to the penalty has been met.
Note. There is a statute of limitations on filing refund claims. When
Example. Bill’s income is from selling fireworks in June and July. He
filing your 2012 tax return, a claim for refund of excess withholding
will want to figure any penalty due on Schedule IT-2210A, which may
credits must be made no later than April 15, 2015. A claim for refund
exempt him from having had to pay estimated tax on the April 17,
of all other excess payments and refundable credits must be made by
2012 first installment due date.
April 18, 2016. (The claim is considered to be made on the day your
tax return is postmarked.) If you file your 2012 tax return after the
Example. Rachael received a sizeable lump sum distribution in Dec.
statute of limitations has expired, no refund will be issued.
of 2012. She figured how much estimated tax was due, and paid it by
the Jan. 15, 2013, fourth period installment due date. By completing
Line 23 – Direct deposit
Schedule IT-2210A, she shows she owes no penalty for the first three
You may choose to have your refund deposited in your checking, sav-
installment periods, and that a proper payment was made for the
ings or Hoosier Works Master Card account. If you want your refund
fourth installment period. She will owe no penalty.
directed into your checking or savings account, complete lines 23 a, b,
c and d.
Farmers and Fishermen.
Special options are available if more than two-thirds of your gross
Caution. If you choose this option, make sure to verify the account
income for 2011 and/or 2012 was from farming or fishing.
information after you’ve entered it. This will help ensure your refund is
deposited into your desired account.
Option 1. Pay your estimated tax in one payment on or before Jan. 15,
2013, and file your tax return by April 15, 2013; or
The routing number is nine digits, with the first two digits of the
number beginning with 01 through 12 or 21 through 32. Do not use a
Option 2. Make no estimated tax payment and file your tax return and
deposit slip to verify the number because it may have internal codes as
pay all the tax due by March 1, 2013.
part of the actual routing number.
Example. More than two-thirds of Henry’s gross income is from farm-
The account number can be up to 17 digits. Omit any hyphens, accents
ing. He should complete Schedule IT-2210 (not Schedule IT-2210A).
and special symbols. Enter the number from left to right and leave any
He will be able to use the Section D Short Method to figure his penalty
unused boxes blank.
or to show he meets an exception to owing a penalty.
Check the appropriate box for the type of account you are making
Visit our website at
to get Schedule IT-2210
your deposit to: either a checking account or savings account.
or IT-2210A.
To comply with banking rules, you must place an X in the box on
Line 22 – Refund
line d if your refund is going to an account outside the United States. If
You have a refund if line 19 is greater than the combined amounts
you check the box, we will mail you a paper check.
entered on lines 20d and 21.
If you currently have a Hoosier Works MasterCard and wish to have
Important. If the combination of line 20d plus line 21 is greater than
your refund directly deposited in your account, enter your 12-digit
the amount on line 18, you must make an adjustment. The estimated
account number on line 23b, where it says “Account Number” (do
tax carryover amount on line 20d is limited; it cannot be greater than
not write anything on line 23a “Routing Number”). You can find your
the remainder of line 19 minus line 21. See the second example about
12-digit account number in the upper right-hand corner of your ac-
Stu under the Line 20 instructions on page 11.
count monthly statement.
Please wait 12 weeks before you contact the Department about your
Note. DO NOT use your MasterCard 16-digit number.
refund.
Make sure to check the “Hoosier Works MC” box on line 23c.
For more information on direct deposit, please see “Where’s Your
Refund?” on page 5.
Page 12
IT-40 Booklet 2012
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial