Form It-40 - Indiana Full-Year Resident Individual Income Tax Instruction Booklet - 2011 Page 38
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60Line 6
–
Lake County (Indiana) residential income tax
2011 Indiana Earned Income Credit (EIC) Table Continued
credit
And you have
And you have
If the amount
If the amount
You may be eligible to claim a Lake County (Indiana) residential
you are looking
you are looking
No
One
Two
No
One
Two
up from the
up from the
child-
child
child-
child-
child
child-
income tax credit if you meet all three of the following requirements.
worksheet is
worksheet is
ren
ren
ren
ren
At
But
At
But
1.
You paid property tax to Lake County (Indiana) during 2011 on
least
less
Your credit is
least
less
Your credit is
than
than
your residence. Your “residence” is your principal dwelling. You
36,800
36,850
0
0
79
39,200
39,250
0
0
33
must either own or be buying the residence under contract, and
36,850
36,900
0
0
78
39,250
39,300
0
0
32
must pay property tax to Lake County (Indiana) on that residence.
36,900
36,950
0
0
77
39,300
39,350
0
0
31
2.
Your earned income must be less than $18,600. Earned income is
36,950
37,000
0
0
76
39,350
39,400
0
0
30
the combination of your (and your spouse’s, if filing a joint return)
37,000
37,050
0
0
75
39,400
39,450
0
0
29
wages, salaries, tips and other compensation, plus net earnings
37,050
37,100
0
0
74
39,450
39,500
0
0
28
from self-employment (income on which you are required to pay
37,100
37,150
0
0
73
39,500
39,550
0
0
27
self-employment tax on federal Schedule SE). Note: Income from
37,150
37,200
0
0
72
39,550
39,600
0
0
27
pensions, interest, dividends, Social Security, etc., is not classified
37,200
37,250
0
0
71
39,600
39,650
0
0
26
as earned income.
37,250
37,300
0
0
70
39,650
39,700
0
0
25
37,300
37,350
0
0
69
39,700
39,750
0
0
24
Example. Sue has $17,000 wage income, $300 interest income and
37,350
37,400
0
0
68
39,750
39,800
0
0
23
$7,000 pension income. Even though her total income is $24,300,
37,400
37,450
0
0
67
39,800
39,850
0
0
22
Sue will qualify for the credit because her earned income is less
37,450
37,500
0
0
66
39,850
39,900
0
0
21
than $18,600 (it is $17,000).
37,500
37,550
0
0
65
39,900
39,950
0
0
20
Important. You are not required to have earned income to be
37,550
37,600
0
0
64
39,950
40,000
0
0
19
eligible for this credit.
37,600
37,650
0
0
63
40,000
40,050
0
0
18
37,650
37,700
40,050
40,100
0
0
63
0
0
17
3.
You are not claiming the homeowner’s residential property tax
37,700
37,750
0
0
62
40,100
40,150
0
0
16
deduction on Indiana Schedule 2, line 2.
37,750
37,800
0
0
61
40,150
40,200
0
0
15
37,800
37,850
0
0
60
40,200
40,250
0
0
14
How to figure your credit.
37,850
37,900
0
0
59
40,250
40,300
0
0
13
37,900
37,950
0
0
58
40,300
40,350
0
0
12
Step 1
37,950
38,000
0
0
57
40,350
40,400
0
0
11
Did you pay property tax to Lake County (Indiana) on your
☐
☐
38,000
38,050
0
0
56
40,400
40,450
0
0
10
residence for 2011?
Yes
No
38,050
38,100
0
0
55
40,450
40,500
0
0
9
If yes, continue to Step 2.
38,100
38,150
0
0
54
40,500
40,550
0
0
9
If no, STOP. You do not qualify for this credit.
38,150
38,200
0
0
53
40,550
40,600
0
0
8
38,200
38,250
0
0
52
40,600
40,650
0
0
7
Step 2
Enter your earned income. This will include your (and
38,250
38,300
0
0
51
40,650
40,700
0
0
6
your spouses, if filing a joint return) wage, salary, tip and other
38,300
38,350
0
0
50
40,700
40,750
0
0
5
compensation, plus net earnings from self-employment.
38,350
38,400
0
0
49
40,750
40,800
0
0
4
$ ___________________________
38,400
38,450
0
0
48
40,800
40,850
0
0
3
38,450
38,500
0
0
47
40,850
40,900
0
0
2
Step 3
If the amount in Step 2 is greater than $18,600, STOP. You
38,500
38,550
0
0
46
40,900
40,950
0
0
1
do not qualify for this credit.
38,550
38,600
0
0
45
If the Step 2 amount is less than $18,000, skip to Worksheet A.
38,600
38,650
0
0
45
If the Step 2 amount is between $18,000 and $18,600, skip to
38,650
38,700
0
0
44
Worksheet B.
38,700
38,750
0
0
43
38,750
38,800
0
0
42
Worksheet A:
38,800
38,850
0
0
41
Complete if your earned income is less than $18,000.
38,850
38,900
0
0
40
38,900
38,950
0
0
39
A1 Enter the amount of Indiana property tax
you paid on your Lake County residence A1 $
38,950
39,000
0
0
38
39,000
39,050
0
0
37
A2 Maximum credit .............................................. A2 $
300
39,050
39,100
0
0
36
A3 Enter the smaller of A1 or A2. This is your
39,100
39,150
0
0
35
credit. Enter here and on line 6 …………. A3 $
39,150
39,200
0
0
34
Page 38
IT-40 Booklet 2011
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