Individual Income Tax Forms
Form Indiana Individual Tax Return
Corporate Income Tax Forms
Form Indiana Corporate Tax Return
Sales Tax Forms
Form 47838 Sales and Use Tax Exemption Certificate
Form ST-115 Consumer’s Use Tax Return
Property Tax Forms
Form 10068 Business Tangible Personal Property Return
Form 12980 Schedule of Adjustments to Business Tangible Personal Property Return
Form 53855 Business Tangible Personal Property Single Return
Form 53854 Business Tangible Personal Property Single Return
Form 51764 Statement of Benefits Personal Property
Form 11405 Business Tangible Personal Property Assessment Return (Long)
Form 11274 Business Tangible Personal Property Return (Short)
Indiana Tax Forms: A Comprehensive Guide
Indiana residents are required to file state taxes every year. Understanding the Indiana tax forms and knowing how to fill them out correctly can be daunting, especially for those who are filing for the first time. This article provides a comprehensive guide to Indiana tax forms, including updated information on the topic, using government resources.
Why Do You Need to File Indiana Taxes?
Indiana residents are required to file state taxes every year, just like in most other states. If you lived in Indiana for at least part of the year and earned income during that time, you are required to file a state tax return. Filing a tax return ensures that you are up-to-date on your state obligations, and it allows you to claim any deductions or credits that you may be eligible for.
Indiana Income Tax Rates
The Indiana income tax system is a flat tax, meaning that everyone pays the same rate, regardless of their income level. The state tax rate is currently 3.23%, which is lower than the average state tax rate of 4.92%. This flat tax rate makes it easy for taxpayers to calculate how much they owe each year.
Indiana Taxes and COVID-19
The COVID-19 pandemic has affected many aspects of our lives, including our taxes. The state of Indiana announced that the 2020 tax filing deadline had been extended to May 17, 2021, to give taxpayers more time to file their returns. The state also extended the deadline for estimated tax payments, which are payments made throughout the year to reducing tax liabilities. The new deadline for these payments is also May 17, 2021.
What Indiana Tax Forms Do You Need to File?
The Indiana Department of Revenue (DOR) provides various tax forms that you can use to file your state taxes. The forms you need to file depend on your income level, filing status, and tax situation. Some of the most common forms used by Indiana taxpayers include:
1. IT-40: Indiana Full-Year Resident Individual Income Tax Return
This is the most commonly used Indiana tax form. IT-40 is used to report your income, claim deductions, and calculate your tax liability for the year. This form can also be used to request a refund of any overpaid taxes.
2. IT-40PNR: Indiana Part-Year Resident Individual Income Tax Return
If you moved to Indiana during the year or moved out of the state before the end of the year, you will need to file Form IT-40PNR. This form allows you to report your income earned while living in Indiana and calculate the tax liability for the period that you were a resident.
3. IT-40RNR: Indiana Nonresident/Part-Year Resident Tax Return
If you earned income in Indiana but were not a resident of the state, you will need to file Form IT-40RNR. This form allows you to report your Indiana income and calculate your tax liability.
4. IT-2440: County Tax Schedule for Indiana Residents
The County Tax Schedule is used to calculate any local taxes that you owe in addition to your state taxes. This form is based on the county in which you live, and it is important to fill it out correctly to avoid any overpayments.
5. Schedule 2: Additional Tax Credits
Schedule 2 is used to claim any tax credits that you are eligible for, such as the Earned Income Credit or the Child and Dependent Care Credit.
How to Fill Out Indiana Tax Forms
Filling out Indiana tax forms can be confusing, but with a little guidance, it can be a straightforward process. Here are some steps to help you fill out your Indiana tax forms:
1. Gather All Necessary Information
Before you start filling out your Indiana tax forms, make sure you have all the necessary information and documentation. This includes your W-2 forms, 1099 forms, any other income you received during the year, and any records of deductions or credits you wish to claim.
2. Choose the Right Form
Choose the right form that corresponds to your filing status. If you were a full resident, choose IT-40. If you lived in Indiana only part of the year, choose IT-40PNR. If you did not live in Indiana but earned income there, choose IT-40RNR.
3. Complete Your Taxable Income
Fill out the required information on the Indiana tax form, such as your name, Social Security number, and address. Then, enter your taxable income in the appropriate section. You can find your taxable income on your W-2 or other income documents.
4. Calculate Your Deductions and Credits
Calculate your deductions and credits using Schedule 2 and enter the total amount on your Indiana tax form. This section includes deductions such as charitable contributions, mortgage interest, and student loan interest.
5. Calculate Your Taxes Due
Use the tax charts and tables provided by the Indiana DOR to calculate your tax liability. Be sure to double-check your calculations and seek assistance if needed.
6. Submit Your Indiana Tax Forms
After you have completed your Indiana tax forms, you must submit them to the Indiana DOR. You can file your taxes electronically or by mailing in a paper return.
Conclusion
Filing your Indiana taxes can be a daunting task, but understanding the Indiana tax forms and how to fill them out correctly can make the process much smoother. We covered the most common Indiana tax forms, discussed how to fill them out and provided important updates, reflecting the current state of Indiana tax regulations. By following the tips outlined in this article, you can file your taxes with confidence and ensure that you meet all of your state tax obligations.
