Form It-40 - Indiana Full-Year Resident Individual Income Tax Instruction Booklet - 2011 Page 15
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60IRA charitable distribution
add-back 122 (322 for
This add-back is specific to these annual current year conformity
issues. If uncertainty exists as to whether or not Indiana will adopt
2010*)
some or all of the federal legislation passed during 2011 that acts to
Add an amount equal to any income not included in your adjusted
reduce federal AGI, you may add-back those items as an “other” add-
gross income because of a charitable distribution from an IRA (as
back. In the event those items are adopted, an amended return should
provided in Section 408(d)(8) of the Internal Revenue Code).
be filed to recoup the add-back(s).
Enter code 122 on Schedule 1 under line 7 if reporting this add-back
All entries marked as “other” must be reported as a positive amount
for the 2011 tax year.
on the original tax return. Negative entries will not be allowed.
*If you need to add this back for the 2010 tax year and have not yet
This add-back is only for current year conformity issues. Conformity
done so (either when you filed your 2010 tax return or by filing an
issues for preceding tax years must be addressed on the add-back
amended return), you may do so now. Just enter code 322 on
line specific to the item in question. For instance, an add-back for the
Schedule 1 under line 7 if reporting this add-back for the 2010 tax year.
qualified refinery property was first added-back on the 2009 Schedule
1, line 12. The adjustment going forward should be reported on the
Motorsports entertainment complex
add-back 130
2011 Schedule 1, line 7, using the 3-digit code 111.
(330 for 2010*)
If you excluded income because of any motorsports entertainment
If the state legislature does not conform to federal code changes enacted
complex classified as 7 year property (as provided in Section 168(e)(3)
after January 1, 2011, you may have to amend your return at a later date
(C)(ii) of the Internal Revenue Code) placed into service in the taxable
to reflect any differences between Indiana and federal law. You may wish
year, add the amount of income excluded so that your adjusted gross
to periodically check the Department’s homepage at
for
income (AGI) is equal to the amount of AGI that would have been
updates.
computed without the exclusion.
Enter code 120 on Schedule 1 under line 7 if reporting this add-back.
Enter code 130 on Schedule 1 under line 7 if reporting this add-back
for the 2011 tax year.
Qualified advance mining safety equipment
add-back
126 (326 for 2010*)
*If you need to add this back for the 2010 tax year and have not yet
If you claimed a deduction for the expense of qualified advanced mine
done so (either when you filed your 2010 tax return or by filing an
safety equipment under Section 179 of the Internal Revenue Code,
amended return), you may do so now. Just enter code 330 on
add the amount necessary to make your adjusted gross income (AGI)
Schedule 1 under line 7 if reporting this add-back for the 2010 tax year.
equal to the amount of AGI that would have been computed had the
deduction not been claimed.
Oil and gas well depletion deduction
add-back 134
(334 for 2010*)
Enter code 126 on Schedule 1 under line 7 if reporting this add-back
The following provision of the Internal Revenue Code (IRC) that
for the 2011 tax year.
was amended by the Tax Relief Act, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (P.L. 111-312) is to be
*If you need to add this back for the 2010 tax year and have not yet
treated as though it was not amended by that act:
done so (either when you filed your 2010 tax return or by filing an
amended return), you may do so now. Just enter code 326 on
Section 613A(c)(6)(H)(ii) of the IRC pertaining to the limitations
Schedule 1 under line 7 if reporting this add-back for the 2010 tax year.
on percentage depletion in the case of oil and gas wells. (The federal
amendment extends the suspension of the ability to deduct more than
Qualified disaster assistance property add-back 110
100% of the net income from that property for marginal production
If you claimed the special allowance for qualified disaster assistance
(less than 15 barrels per day and heavy oil)).
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
Enter code 134 on Schedule 1 under line 7 if reporting this add-back
that would have been computed had the special allowance not been
for the 2011 tax year.
claimed for the property.
*If you need to add this back for the 2010 tax year and have not yet
Enter code 110 on Schedule 1 under line 7 if reporting this add-back.
done so (either when you filed your 2010 tax return or by filing an
amended return), you may do so now. Just enter code 334 on
Qualified electric utility amortization
add-back 135
Schedule 1 under line 7 if reporting this add-back for the 2010 tax year.
(335 for 2010*)
The following provision of the Internal Revenue Code (IRC) that
Other (current year conformity) add-back
120
was amended by the Tax Relief Act, Unemployment Insurance
Before this publication was finalized Indiana had not conformed to any
Reauthorization, and Job Creation Act of 2010 (P.L. 111-312) is to be
changes to the Internal Revenue Code (IRC) that may have become law
treated as though it was not amended by that act:
after January 1, 2011. Therefore, the IRC used to figure Indiana income
may not be the same as the IRC used to figure federal income.
Page 15
IT-40 Booklet 2011
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