Indiana Indiana Income Tax Instruction Booklet
Extracted from PDF file 2019-indiana-income-tax-instructions.pdf, last modified July 2019
Indiana Income Tax Instruction BookletSchedule IN-529 Form IT-40/IT-40PNR State Form 53385 (R13 / 9-19) Schedule IN-529: Indiana’s CollegeChoice 529 Education Savings Plan Credit Name(s) shown on Form IT-40/IT-40PNR 2019 Enclosure Sequence No. 10 Your Social Security Number Enter information about contributions made by you and/or your spouse to Indiana’s CollegeChoice 529 Education Savings Plan(s) during 2019. Column A Place “X” in box if you or your spouse do not own the account. Column B Enter Account # Column C Column D Higher Education. Enter the amount contributed this year to offset current or future higher education expenses. K-12 Education. Enter the amount contributed this year to offset current or future K-12 education expenses. 1. .00 .00 2. .00 .00 3. .00 .00 4. .00 .00 5. .00 .00 6. .00 .00 7. .00 .00 8. .00 .00 9. .00 .00 10. Add lines 1C through 9C______________________ .00 11. Add lines 1D through 9D________________________________________________________ .00 12. Add lines 10 and 11___________________________________________________________ .00 13. Multiply line 12 by .20__________________________________________________________ .00 14. Enter the lesser of line 13 or 1000________________________________________________ .00 15. Enter the amount from Form IT-40 or Form IT-40PNR, line 8___________________________ .00 16. Allowable credit. Enter the lesser of line 14 or line 15. Also enter under line 6 of Schedule 6 (if filing Form IT-40), or under line 6 of Schedule G (if filing Form IT-40PNR) Total Credit *17019111694* 17019111694 .00 Instructions for Schedule IN-529 You may be eligible for a credit if you and/or your spouse made a contribution to Indiana’s CollegeChoice 529 Investment Plan. While there are many 529 savings plans available both in Indiana and nation-wide, only contributions made to the Indiana CollegeChoice 529 Investment Plan are eligible for this credit. This plan is governed by the Indiana Education Savings Authority. To determine if your contribution is to a plan that is eligible for this credit, visit their Web site at www.in.gov/iesa. Who may claim this credit? This credit is available: • To an individual filing a single tax return • To a married couple filing a joint tax return This credit is not available: • To a married couple filing separate tax returns How may these contributions be used? Contributions to this plan are made on behalf of a beneficiary, and are to be used to pay for: • Qualified higher education expenses, and/or • Indiana K-12 tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school located in Indiana. Note: A private school includes a homeschool recognized by the Internal Revenue Service as a private school An eligible contribution will not include: • Contributions made to an account that will be transferred to an ABLE account • Money credited to an account as a result of bonus points or other forms of consideration earned by the taxpayer that result in a transfer of money to the account • Money transferred from any other qualified tuition program under Section 529 of the Internal Revenue Code or from any other similar plan. Who must file Schedule IN-529? Anyone who makes a contribution to a qualified plan and claims this credit must include Schedule IN-529 when filing their tax return. Account owner. The account owner is the individual or entity (such as a trust, estate, partnership, etc.) who has the right to select or change a beneficiary, and to control the distribution of the funds. Contribution. A cash deposit made for the benefit of the account beneficiary. Important. You must complete the first 8 lines of your Indiana state tax return, Form IT-40 or Form IT-40PNR, before you can complete this schedule. Lines 1 – 9 Instructions Column A Check the box if you/your spouse made a contribution to an account you do not own. If you/your spouse are the account owner, do not check the box. Example. John opened a qualified CollegeChoice 529 Investment Plan for his son Nate, and is the account owner. John’s mother (Nate’s grandmother) made a contribution to the plan John established. She will claim a credit based on her contribution, and will check the box in Column A because she is not the account owner (John is). Column B Enter the account number of each qualified account to which you/ your spouse made a contribution. The account numbers may be: • 11 digits long, and begin with “61” or “62”, • 10 digits long, and begin with “200”, “201”, “208” or “209”, and/or • 16 digits long, starting with “200” or “201”. Note. Attach additional sheets if you contributed to more than nine qualified plans. Column C – Higher Education Contributions On each line enter the total annual contribution you/your spouse made during the year to each account for purposes of paying for qualified higher education expenses. Example. John contributed $7,200 to his account during the year to help pay for qualified higher education expenses. He will enter $7,200 in Column C on the same line matching the account number (in Column B). Column D – K-12 Education Contributions On each line enter the total annual contribution you/your spouse made during the year to each account for purposes of paying for K-12 tuition. Example. Maria made a $600 contribution to the CollegeChoice 529 Investment Plan account set up by her son for her granddaughter. She is making this contribution to help pay for her granddaughter’s K-12 tuition. She checked the box in Column A because she is not the account owner. She listed the account number in Column B, and reported the $600 contribution in Column D. Combination of higher education and K-12 education contributions to same account – It is acceptable to use one account to make contributions for both levels of education. Example. Micah opened a CollegeChoice 529 Investment Plan account for his nephew when he was born four years ago. This year he contributed to this account $800 for higher education and $300 for K-12 education. He entered the account number on line 1, Column B, the $800 higher education contribution in Column C, and the $300 K-12 education contribution in Column D. *24100000000* 24100000000 Lines 10 – 16 instructions Line 10 – Add amounts on lines 1 – 9 in Column C. Line 11 – Add amounts on lines 1 – 9 in Column D. Line 12 – Add lines 10 and 11. Line 13 – Multiply line 12 by 20% (.20). Line 14 – Enter the lesser of line 13 or 1000. Line 15 – Enter the state adjusted gross income tax from line 8 of Form IT-40 or Form IT-40PNR. Line 16 – Enter the lesser of line 14 or line 15. Also enter under line 6 on Schedule 6 if filing Form IT-40 or under line 6 on Schedule G if filing Form IT-40PNR. Use of credit. Any unused credit is not eligible for carryback or carryforward; nor may it be sold, assigned, or transferred to anyone else. Get Information Bulletin 98 at www.in.gov/dor/3650.htm for more information about this credit.
Income Tax Instructions
More about the Indiana Income Tax Instructions Individual Income Tax Tax Return TY 2019
This booklet includes instructions for filling out and filing your IT-40 income tax return.
We last updated the Indiana Income Tax Instruction Booklet in January 2020, so this is the latest version of Income Tax Instructions, fully updated for tax year 2019. You can download or print current or past-year PDFs of Income Tax Instructions directly from TaxFormFinder. You can print other Indiana tax forms here.
Other Indiana Individual Income Tax Forms:
|Form Code||Form Name|
|Form SC-40||Unified Tax Credit for the Elderly|
|IT-40 Form||IT-40 Income Tax Form|
|Form ES-40||Estimated Tax Payment Voucher|
|Form CT-40||County Tax Schedule for Indiana Residents|
|IT-40 Booklet||IT-40 Income Tax Instruction Booklet|
Indiana usually releases forms for the current tax year between January and April. We last updated Indiana Income Tax Instructions from the Department of Revenue in January 2020.
Income Tax Instructions is an Indiana Individual Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Indiana Income Tax Instructions
We have a total of five past-year versions of Income Tax Instructions in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Indiana Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.