Form Fit-20 - Financial Institution Tax Booklet - 2012 Page 16
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28Lines 48, 49, and 50. Total Overpayment: If the taxpayer has an
The EDGE credit for job retention is a state refundable tax liability
credit. This credit is for businesses who conduct certain activities
overpayment determined by subtracting the amounts on lines
designed to foster job creation or job retention in Indiana. A
38, 44, and 46 from the amount on line 42, the corporation can
taxpayer claiming this credit must include all information that the
elect to have a portion or all of its overpayment credited to next
Department determines necessary for the calculation of the credit
year’s estimated tax account. The portion to be refunded should
on the annual state tax return. The approved credit letter from the
be entered on line 49, and the portion to be applied to next year’s
IEDC and a computation of the credit must be enclosed with the
account should be entered on line 50. The total of line 49 and line
return; otherwise, this credit will not be allowed.
50 must equal the amount on line 48.
Contact the Indiana Economic Development Corporation, One
If your overpayment is reduced due to an error on the return or
North Capitol, Suite 700, Indianapolis., IN 46204, for eligibility
an adjustment by the Department, the amount to be refunded
requirements, or visit for additional information.
will be corrected before any changes are made to the estimated
account for next year. A refund may be set off and applied to other
Line 42. Total Payments: Add lines 39 through 41.
liabilities under IC 6-8.1-9-2(a) and 6-8.1-9.5.
Line 43. Balance of Tax Due: Subtract line 42 from line 38.
Certification of Signatures and Authorization
Section
Line 44. Penalty for Underpayment: Enter the penalty, if any,
Be sure to sign and date the return and to print your name on
for underpayment of estimated tax as calculated on Schedule
it. If a paid preparer completes your return, you can authorize
FIT-2220.
the Department to discuss your tax return with the preparer by
checking the authorization box above the signature line.
Note: If a taxpayer’s annual liability exceeds $2,500, filing quarterly
estimated payments to remit 25% of the estimated annual tax
An officer of the organization must show his title and sign and date
liability is required.
the tax return. Please enter your daytime telephone number so we
can call you if we have any questions about your tax return. Also,
Line 45. Interest: If payment is made after the original due date,
enter your email address if you would like us to be able to contact
interest must be included with the payment. Interest is calculated
you via email.
from the original due date of the return until the date of payment.
Personal Representative Information
Contact the Department for the current rate of interest charged by
Typically, the Department will contact you if there are any
calling (317) 232-0129, or get Departmental Notice #3 online at
questions or concerns about your tax return. If you want the
Department to be able to discuss your tax return with someone
else (e.g., the person who prepared it or a designated person), you
An extension of time to file does not grant an extension of time to
must complete this area.
pay any tax due; therefore, interest must be calculated.
First, you must check the “Yes” box that follows the sentence
Line 46. Late Penalty: Enter the computed penalty amount that
“I authorize the Department to discuss my tax return with my
applies.
personal representative. ” Next, enter the following:
A. If a payment is made after the original due date, a
• The name of the individual you are designating as your
penalty that is the greater of $5 or 10% of the remaining
personal representative;
tax due must be entered. The penalty for late payment
• The individual’s telephone number; and
or late filing will not be imposed if all three of the
• The individual’s complete address.
following conditions are met:
(1)
A valid extension of time to file exists;
If you complete this area, you are authorizing the Department to
(2)
At least 90% of the tax was paid by the original
be in contact with your personal representative other than you
due date; and
concerning information about this tax return. After your return
(3)
The remaining tax is paid by the extended due
is filed, the Department will communicate primarily with your
date.
designated personal representative.
B. If the return showing no tax liability (on line 31) is filed
late, the penalty for failure to file by the due date will
Note: You can decide at any time to revoke the authorization for
be $10 for each day that the return is past due, up to a
the Department to be in contact with your personal representative.
maximum of $250.
If you do decide this, you must tell us that in a signed statement.
Include your name, your Social Security number, and the year of
Line 47. Total Due: Add lines 43 through 46. If a payment is due,
your tax return. Mail your statement to Indiana Department of
enter the total tax due plus any applicable penalty and interest.
Revenue, P.O. Box 7206, Indianapolis, IN 46207-7206.
Make checks payable to the Department for each Form FIT-20
filed. All payments must be made in U.S. funds.
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