Form Fit-20 - Financial Institution Tax Booklet - 2013 Page 7
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30Check box V if an extension of time to file your return is in effect.
Underpayment of Estimated Tax by Financial Institutions, on
return page 4 of Form FIT-20.
If applicable, enclose a copy of federal Form 7004 when filing your
state return.
Instructions for Completing Form FIT-20
Schedule A — Line Instructions
Caution: If you are a state-chartered credit union or an
Filing Period and Identification
investment company, check box K. Begin on line 19 to complete
File a 2013 Form FIT-20 return for a taxable year ending Dec. 31,
the return. Read the instructions for line 19 before completing the
2013, a short tax year beginning in 2013 and ending in 2013, or a
form.
fiscal tax year beginning in 2013 and ending in 2014. For a short
or fiscal tax year, fill in the beginning month and day and the
Note: Per IC 6-8.1-6-4.5, you must now round your amounts to
ending date of the taxable year at the top of the form.
the nearest whole dollar. Each line on which an amount can be
entered has a “.00” already filled in. This is to remind you that
Please use the correct legal name of the corporation and its
rounding is now required when completing your tax return.
present mailing address. For foreign addresses, please note the
following:
Amounts of $0.49 or less should be rounded down to the nearest
•
Be sure to enter the name of the city, town, or village in
dollar. For example, $23.44 should be rounded down to $23.
the box labeled City;
Amounts of $0.50 or more should be rounded up to the nearest
•
Be sure to enter the name of the state or province in the
dollar. For example, $23.50 should be rounded up to $24.
box labeled State; and
•
Be sure to enter the postal code and the 2-digit country
Also, please do not use a comma in dollar amounts of four digits
code in the box labeled ZIP Code.
or more. For example, instead of entering “3,455” you should
enter “3455. ”
For a name change, check the box at the top of the return. Enclose
with the return copies of amended Articles of Incorporation or an
Line 1. Enter your federal taxable income from Federal Form
Amended Certificate of Authority filed with the Indiana Secretary
1120 before the net operating loss deduction or the special federal
of State. The federal identification number (FID) shown in the
deduction.
box must be correct.
Note: If filing as a state-chartered credit union or an investment
List the Indiana county of your primary business location within
company registered under the Investment Company Act of 1940,
the state. Enter “O.O.S. ” (out- of-state) in the county box for
go to line 19 to enter your adjusted gross income as defined under
addresses outside Indiana.
IC 6-5.5-1-2(b) and(c).
Enter your principal business activity code, derived from the
Line 2. Enter the qualifying dividend deduction.
North American Industry Classification System (NAICS), in the
designated block of the return. Use the six-digit activity code as
Line 3. Subtotal: Subtract line 2 from line 1.
reported on the federal corporation return. A link to a list of these
codes is available through the department’s website:
Add backs: Lines 4 through 10 deducted at the federal level.
Line 4. Enter the amount deducted for bad debt (IRC Sec. 166).
Questions L through W of the FIT-20 must be completed for the
See line 16 to report recovery of a debt that becomes worthless to
return to be accepted by the department. Check or complete all
the extent a deduction was allowed from gross income in a prior
boxes that apply for your return.
tax year under IRC Sec. 166(a).
Check box S-1 if you are filing an initial return for the state of
Line 5. Enter the amount deducted for bad debt reserves of banks
Indiana.
(IRC Sec. 585).
Is this filing your final return for the state of Indiana? Check box
Line 6. Enter the amount deducted for bad debt reserves
S-2 only if the corporation is dissolved, is liquidated, or withdrew
(IRC Sec. 593).
from the state. Also, you must timely file Form BC-100 to
close out any sales and withholding accounts. Go to
Line 7. Enter the amount deducted for charitable contributions
to complete this form online.
(IRC Sec. 170).
Check box S-3 if the corporation is in bankruptcy.
Line 8. Enter the amount deducted on the federal return for all
state and local taxes based on or measured by income (IRC Sec. 63).
Check box S-4 if you are filing as a real estate mortgage
investment conduit (REMIC). Note: The return for a REMIC is
Line 9. Enter an amount equal to the capital loss carryover (from
due on the15th day of the fifth month following the close of the
federal Schedule D: line 4, minus line 14 loss amount) to the
taxpayer’s tax year.
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