Form It-40 - Indiana Full-Year Resident Individual Income Tax Booklet - 2012 Page 23
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64Lottery Winnings Worksheet
A. Enter the amount of winnings from the Hoosier Lottery Commission that you have reported
on your federal Form 1040, line 21 ............................................................................................................................................... A $
B. Locate those W-2Gs (issued by the Hoosier Lottery
Commission) showing Indiana state withholding in Box 14.
Add the amounts from Box 1 of each of those W-2G’s; enter
total here .......................................................................................................................................... B $
C. Exemption ......................................................................................... C $
1, 2 0 0
D. How many W-2Gs did you locate in step B above (e.g. 1, 2, etc.)? .. D X
E. Multiply line C by line D; enter result here ..................................................................................... E $ -
F. Subtract line E from line B; enter result here .............................................................................................................................. F $ -
G. Subtract line F from line A. Enter here and on Schedule 2 under line 11 .................................................................................. G $
*An eligible Christian Science facility must be listed with and certified
Indiana net operating loss deduction
607
by the Commission for Accreditation of Christian Science Nursing
You may take a deduction for the Indiana portion of the federal net
Organizations/Facilities, Inc.
operating loss deduction (NOL) you added back on line 2 of
Schedule 1. (This will be a net operating loss deduction from an earlier
Generally, the deduction should not be used in conjunction with most
year(s) carried forward to 2012.) Write the amount you deduct as a
tax credits in order to create a refund.
positive figure.
If you are a Medicaid recipient and live in one of the facilities listed
Note. It is possible to have an Indiana NOL without also having a fed-
above, to determine whether you are eligible for the deduction you
eral NOL. See Schedule IT-40NOL, which can be found at
must first prepare your tax return without claiming a human services
, for more information.
deduction. Generally, if a refund is due, you are not eligible for a de-
duction. File your return without claiming the deduction and a refund
Enclose Schedule A from federal Form 1045 and a completed Indiana
will be issued. However, if an amount is due, you are eligible to use a
Schedule IT-40NOL when claiming this deduction.
deduction.
Also, maintain with your records a copy of the federal Form 1040
Enter code 605 on Schedule 2 under line 11 if claiming this deduction.
from the loss year as the Department can require you to provide this
information at a later date.
Indiana lottery winnings deduction
606
Enter code 607 on Schedule 2 under line 11 if claiming this deduction.
If you win any prize money from the Indiana Hoosier Lottery Com-
mission, either by winning an instant game, an online game such as
Hoosier Lotto, Powerball, Lucky 5, Daily 3 & 4, Max 5, etc., you must
Indiana partnership long-term care policy premiums
report those winnings as income on your federal income tax return.
deduction
608
You may take a deduction for the amount of premiums paid for Indi-
Most of these winnings are fully taxable by Indiana. However, some of
ana partnership long-term care insurance.
the winnings may be exempt from Indiana tax. Also, annuity pay-
ments received for drawings held before July 1, 2002, are exempt from
Important. The Indiana partnership policy will have the following box
Indiana tax.
of information on the outline of coverage, the application or on the
front page of the policy:
Complete the worksheet above to see if you are eligible for a deduc-
tion.
This policy qualifies under the Indiana Long-Term Care program
for Medicaid Asset Protection. This policy may provide benefits in
Note. Winnings from other state lotteries, Indiana pari-mutuel horse
excess of the asset protection provided in the Indiana Long-Term
races or out-of-state tracks, Indiana and out-of-state riverboats and
Care program.
other gambling winnings, are fully taxable in Indiana and should not
be deducted from your taxable income.
If the information shown in the box above is not located in a box on
your policy, you do not have a qualifying policy, and are not eligible to
Enter code 606 on Schedule 2 under line 11 if claiming this deduction.
take this deduction.
Page 23
IT-40 Booklet 2012
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