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04 Schedule IT-20FSD                                  Indiana Department of Revenue
   State Form 56542 
05 (R6 / 8-24)                                   Foreign Source Dividend Deduction Schedule
06
07                                               Use for tax years beginning in 2024 or for extended/amended 2023 returns. 
08                                                             (See instructions)
09
10                   For Tax Year Beginning                                and Ending
11
12  Enter name of corporation as shown on return                                                                                                                                       FEIN of filing entity
13
14
15      Column A     Column B                    Column C      Column D                                                                       Column E Column F              Column G                          Column H        Column I
16  Recipient FEIN   Paying Entity Name          Paying Entity Percent of Voting                                                              Dividend Percent               Deduction                         Remainder       Dividend 
17                                               FEIN          Stock Owned                                                                             Deduction             Amount                            of Dividends    Code
18                                                                                                                                                     (50, 85,              (E x F)                           included in AGI 
                                                                                                                                                       or 100)                                                 (E – G)
19
20
21  1.                                                         .           %                                                                           %
22
23  2.                                                         .           %                                                                           %
24
25  3.                                                         .           %                                                                           %
26
27  4.                                                         .           %                                                                           %
28
29  5.                                                         .           %                                                                           %
30
31  6.                                                         .           %                                                                           %
32
33  7.                                                         .           %                                                                           %
34
35  8.                                                         .           %                                                                           %
36
37  9.                                                         .           %                                                                           %
38
39  10.                                                        .           %                                                                           %
40
41  11. Dividend Total .......................................................................................................................
42  12. Deduction Total. Carry this total to line 12 of Form IT-20 ..........................................................................................................
43
44  13. Remainder of Dividends Included in AGI ................................................................................................................................................................
45
46
47                                               *24100000000*
48                                                             24100000000
49
50
51

                             Instructions for Completing Schedule IT-20FSD

IC 6-3-2-12 allows for a deduction from adjusted gross        For real estate investment trusts, include both the amount 
income (AGI). It must be equal to the amount of the foreign   included in federal taxable income for the current taxable 
source dividend included in the corporation’s AGI for the tax year and the section 965(c) amount required to be added 
year multiplied by one of the following percentages:          back in determining Indiana adjusted gross income for the 
                                                              current taxable year.  If all or part of the deemed repatriated 
100% if the corporation including the foreign source          dividends is excluded from federal taxable income, do not 
         dividend in its AGI owns at least 80% of the total   include the excluded portion or the IRC section 965(c) 
         combine voting power of all classes of stock         deduction from the excluded dividends.
         of the foreign corporation from which the 
         dividend is derived.                                 For global intangible low taxed income, include (1) the 
85%  if the corporation including the foreign source          amount included in federal taxable income, plus (2) the 
         dividend in its AGI owns at least 50% but less       amount of IRC section 250(a)(1)(B) deduction required to 
         than 80% of the total combined voting power          be added back under Indiana law, minus (3) 50 percent of 
         of all classes of stock of the foreign corporation   the amount deducted from federal taxable income under 
         from which the dividend is derived.                  IRC section 250(a)(1)(B)(ii) (IRC section 78 amounts 
50%  if the corporation including the foreign source          resulting from such income).
         dividend in its AGI owns less than 50% of the  
         total combined voting power of all classes           For repatriated dividends (other than amounts included as 
         of stock of the foreign corporation from which       deemed repatriated dividend or global intangible low taxed 
         the dividend is derived.                             income), list the amount included in federal taxable income 
                                                              after any deductions against such income, such as a 
Column A. Enter the FEIN of the recipient. (This is the       dividends-received deduction. Do not include any amounts 
filing entity or a member of the consolidated or combined     required to be included under IRC section 78. Round all 
Indiana tax return.)                                          entries to the nearest whole dollar.

Column B. Enter the name of the entity paying dividends to    Column F. The percentage of the deduction you can take is 
the recipient.                                                based on the percentage entered in Column D. 

Column C. Enter the FEIN of the paying entity. Leave          Column G. Multiply Column E by Column F.  Round all 
blank if the paying entity does not have an FEIN.             entries to the nearest whole dollar.

Column D. Enter the percentage of stock of the paying         Column H. Subtract Column G from Column E. Round all 
entity that is owned by the recipient. (Round to two decimal  entries to the nearest whole dollar.
places; for example, 98.46%.)
                                                              Column I. Enter letter code corresponding to type of 
Column E. Include any amount of Subpart F income              dividend.
(deemed repatriated dividends included under IRC section      A.  Subpart F Income
965), global intangible low taxed income, and dividends       B.  Section 965 Deemed Dividends
required to be included in federal taxable income upon        C.  Global Intangible Low-Taxed Income (GILTI)
repatriation.  If you receive amounts from an entity that     D.  Other Repatriated Income
falls into more than one category, list the amount from each 
category on a separate line. However, do not include the 
amount included in federal taxable income as a result of 
IRC section 78.

For Subpart F income, list the amount included in federal 
taxable income.

For deemed repatriated dividends required to be included 
under IRC section 965, list the amount included in adjusted 
gross income under IC 6-3-1-3.5.  For C corporations other 
than real estate investment trusts, this will be the amount 
reported as includible under IRC Section 965(a) prior to any 
IRC section 965(c) deduction.

                                  *24100000000*
                                                          24100000000