Form It-40 - Indiana Full-Year Resident Individual Income Tax Instruction Booklet - 2011 Page 22
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60Indiana net operating loss deduction
607
Law enforcement reward deduction
611
You may take a deduction for the Indiana portion of the federal net
You may be eligible for this deduction if you reported an amount you
operating loss deduction (NOL) you added back on line 2 of Schedule
received as a reward as “other income” on line 21 of your federal Form
1. (This will be a net operating loss deduction from an earlier year(s)
1040.
carried forward to 2011.) Write the amount you deduct as a positive
You may be able to deduct the lesser of the amount received or
figure.
$1,000 if:
Enclose Schedule A from federal Form 1045 and a completed Indiana
•
You received a reward for providing information to a law
Schedule IT-40NOL when claiming this deduction.
enforcement official or agency,
•
Your information assisted in the arrest, indictment or the filing of
Also, maintain with your records a copy of the federal Form 1040
charges against a person, and
from the loss year as the Department can require you to provide this
•
You are not compensated for investigating crimes, the person
information at a later date.
convicted of the crime or the victim of the crime.
Enter code 607 on Schedule 2 under line 11 if claiming this deduction.
Enter code 611 on Schedule 2 under line 11 if claiming this deduction.
Indiana partnership long-term care policy premiums
Medical savings account deduction
612
deduction
608
You may be eligible for a deduction if your employer deposited funds
in certain medical care savings accounts. If you received Form IN-MSA
You may take a deduction for the amount of premiums paid for Indiana
from the account provider you should deduct any medical withdrawals
partnership long-term care insurance.
and exempt interest income reported in Box 2 and/or Box 7.
Important. The Indiana partnership policy will have the following box
Note. You are not eligible to claim this deduction if you also claimed a
of information on the outline of coverage, the application or on the
medical savings account deduction on the front page of federal Form
front page of the policy:
1040.
This policy qualifies under the Indiana Long-Term Care program
Make sure you enclose Form IN-MSA or your claimed deduction will
for Medicaid Asset Protection. This policy may provide benefits in
be denied.
excess of the asset protection provided in the Indiana Long-Term
Care program.
Enter code 612 on Schedule 2 under line 11 if claiming this deduction.
If the information shown in the box above is not located in a box on
National Guard and reserve component members
your policy, you do not have a qualifying policy, and are not eligible to
take this deduction.
deduction
621 (also see the Military service
deduction on page 19)
The deduction is the amount of premiums paid during the year on the
There is a deduction available for certain members of the reserve
policy for the taxpayer and/or spouse.
components of the armed forces and the Indiana National Guard.
No double benefit allowed. Certain self-employed individuals will
Who is eligible?
claim these premiums as a deduction on the front page of federal
You must be a member of the reserve components of:
Form 1040. The Indiana deduction will be the actual amount of these
•
the Army;
premiums paid, minus any amount of these already reported on federal
•
the Navy;
Form 1040.
•
the Air Force;
•
the Coast Guard;
Example. Sam paid $645 in Indiana partnership long-term care
•
the Marine Corps;
premiums. He deducted $400 of those premiums on the front page
•
the Merchant Marine.
of Form 1040. He should deduct the $245 difference ($645 - $400) on
Indiana Schedule 2 under line 11.
Or, a member of:
•
the Indiana Army National Guard; or
More information about this program is available at the following
•
the Indiana Air National Guard.
website
What is eligible to be deducted?
Important. Keep a copy of the premium statements as the Department
If you are eligible (based on the above requirements), your deduction
can require you to provide this information.
is the qualified military income* received as a result of service on
involuntary orders:
Enter code 608 on Schedule 2 under line 11 if claiming this deduction.
Page 22
IT-40 Booklet 2011
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