Form It-40 - Indiana Full-Year Resident Individual Income Tax Instruction Booklet - 2011 Page 32
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60Worksheet B – Indiana’s Earned Income Credit (EIC)
Keep for your records
Use this worksheet if you answered “Yes” to Step 6, question 3.
•
Complete the parts below (Parts 1 through 3) that apply to you. Then, continue to Part 4.
•
If you are married filing a joint return, include your spouse’s amounts, if any, with yours to figure the amounts to enter in Parts 1 through 3.
Part 1: Self-employed, members of the clergy, and people with church employee income filing federal
Schedule SE.
1a. Enter the amount from federal Schedule SE, Section A, line 3, or Section B, line 3, whichever applies
1a ____________
b. Enter any amount from federal Schedule SE, Section B, line 4b, and line 5a.
+
1b ____________
c. Add lines 1a and 1b
=
1c_____________
d. Enter the amount from federal Schedule SE, Section A, line 6, or Section B, line 13, whichever applies.
-
1d ____________
e. Subtract line 1d from 1c
=
1e ____________
Part 2: Self-employed NOT required to file federal Schedule SE
For example, your net earnings from self-employment were less than $400.
2.
Do not include on these lines any statutory employee income, any net profit from services performed as a notary public, any amount exempt
from self-employment tax as the result of filing and approval of federal Form 4029 or Form 4361, or any other amounts exempt from self-
employment tax.
a. Enter any net farm income or (loss) from federal Schedule F, line 34, and from farm partnerships,
Schedule K-1 (federal Form 1065), box 14, code A.
2a ____________
b. Enter any net profit or (loss) from federal Schedule C, line 31; Schedule C-EZ, line 3; Schedule K-1
(federal Form 1065), box 9, code J1.
+
2b ____________
c. Add lines 2a and 2b.
=
2c ____________
Part 3: Statutory employees filing federal Schedule C or C-EZ
1.
Enter the amount from federal Schedule C or Schedule C-EZ, line 1c, that you are filing as a
statutory employee.
3 _____________
Part 4: All filers using Worksheet B
4a. Enter your earned income from Step 6, Box B.
4a ____________
b. Add lines 1e, 2c, 3 and 4a. This is your total earned income.
4b ____________
If line 4b is zero or less, STOP. You cannot take the credit.
5.
If you have:
•
2 or more qualifying children, is line 4b less than $40,950?
•
1 qualifying child, is line 4b less than $36,050?
•
No qualifying children, is line 4b less than $13,550?
Yes. Enter the amount from line 4b on line 6 of this worksheet.
No. STOP. You cannot take the credit.
Page 32
IT-40 Booklet 2011
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