Form Fit-20 - Financial Institution Tax Booklet - 2013 Page 17
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30Line 47. Interest: If payment is made after the original due date,
estimated tax you are claiming that might have been paid by a
member under his federal identification number.
interest must be included with the payment. Interest is calculated
from the original due date of the return until the date of payment.
Line 40. Extension Payment and Prior Year Overpayment:
Enter on line (a) the payment made resulting from an extension
Contact the department for the current rate of interest charged by
of time to file request, and on line (b) list your carryover credit of
calling (317) 232-0129, or get Departmental Notice #3 online at
a prior-year overpayment. This provision is applicable to a prior-
year overpayment of the financial institution tax only. Indiana
will accept the federal extension date, plus an additional 30 days.
An extension of time to file does not grant an extension of time to
However, an extension of time to file is not an extension of time
pay any tax due; therefore, interest must be calculated.
to pay. You must pay at least 90% of the current year liability by
Line 48. Late Penalty: Enter the computed penalty amount that
the original due date of the franchise tax return. Enter the total
amount on line 40c.
applies.
A. If a payment is made after the original due date, a
Line 41. Other Payments/Credits: Enter any other payments that
penalty that is the greater of $5 or 10% of the remaining
are allowable and enclose an explanation.
tax due must be entered. The penalty for late payment
or late filing will not be imposed if all three of the
Line 42. EDGE Credit. Claim the approved Economic
following conditions are met:
Development for a Growing Economy (EDGE) credit on this line.
(1)
A valid extension of time to file exists;
Enter the amount from line 19 of Schedule IN-EDGE here.
(2)
At least 90% of the tax was paid by the original
due date; and
This credit is for businesses who conduct certain activities
(3)
The remaining tax is paid by the extended due
designed to foster job creation in Indiana. Beginning Jan. 1, 2013,
date.
taxpayers claiming this credit must complete Schedule IN-EDGE
B. If the return showing no tax liability (on line 31) is filed
and enclose it with their returns. Otherwise, the credit will not be
late, the penalty for failure to file by the due date will
allowed. Taxpayers also must obtain a PIN from the IEDC.
be $10 for each day that the return is past due, up to a
maximum of $250.
Contact the Indiana Economic Development Corporation, One
Line 49. Total Due: Add lines 45 through 48. If a payment is due,
North Capitol, Suite 700, Indianapolis., IN 46204, for eligibility
requirements, or visit iedc.in.gov for additional information. You
enter the total tax due plus any applicable penalty and interest.
can also call (317) 232-8800.
Make checks payable to the department for each Form FIT-20
filed. All payments must be made in U.S. funds.
Line 43. EDGE-R Credit. Claim the approved EDGE-R credit on this
Lines 50, 51, and 52. Total Overpayment: If the taxpayer has an
line. Enter the amount from line 19 of Schedule IN-EDGE-R here.
overpayment determined by subtracting the amounts on lines
The EDGE credit for job retention is a state refundable tax liability
38, 46, and 48 from the amount on line 44, the corporation can
credit. This credit is for businesses who conduct certain activities
elect to have a portion or all of its overpayment credited to next
designed to foster job retention in Indiana. Beginning Jan. 1,
year’s estimated tax account. The portion to be refunded should
2013, taxpayers claiming this credit must complete Schedule
be entered on line 51, and the portion to be applied to next year’s
IN-EDGE-R and enclose it with their returns. Otherwise, the
account should be entered on line 52. The total of line 51 and line
credit will not be allowed. Taxpayers also must obtain a PIN from
52 must equal the amount on line 50.
the IEDC.
If your overpayment is reduced due to an error on the return or
Contact the Indiana Economic Development Corporation, One
an adjustment by the department, the amount to be refunded
North Capitol, Suite 700, Indianapolis., IN 46204, for eligibility
will be corrected before any changes are made to the estimated
requirements, or visit iedc.in.gov for additional information. You
account for next year. A refund may be set off and applied to other
can also call (317) 232-8800.
liabilities under IC 6-8.1-9-2(a) and 6-8.1-9.5.
Line 44. Total Payments: Add lines 39 through 43.
Certification of Signatures and Authorization
Section
Line 45. Balance of Tax Due: Subtract line 44 from line 38.
Be sure to sign and date the return and to print your name on
it. If a paid preparer completes your return, you can authorize
Line 46. Penalty for Underpayment: Enter the penalty, if any, for
the department to discuss your tax return with the preparer by
underpayment of estimated tax as calculated on Schedule
checking the authorization box above the signature line.
FIT-2220.
An officer of the organization must show his title and sign and
Note: If a taxpayer’s annual liability exceeds $2,500, filing
date the tax return. Please enter your daytime telephone number
quarterly estimated payments to remit 25% of the estimated
so we can call you if we have any questions about your tax return.
annual tax liability is required.
17
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