INDIANA 2 02 2 IT-20S S Corporation Income Tax Booklet
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SP 261
(R26 / 8-22)
Page 2 IT-20S S Corporation Booklet 2022
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INDIANA IT-20S
S Corporation Income Tax Booklet Year 2022
Contents
What’s New for 2022 ..............................................................................................................................................................4
General Information ..............................................................................................................................................................4
General Filing Instructions ...................................................................................................................................................5
Instructions for Completing Form IT-20S ..........................................................................................................................7
Summary of Calculations ...................................................................................................................................................11
Certification of Signatures and Authorization Section ..................................................................................................14
Mailing Options ....................................................................................................................................................................14
Instructions for Schedule E, Apportionment of Income for Indiana ............................................................................14
Instructions for Schedule Composite ................................................................................................................................16
Instructions for Schedule IN K-1 .......................................................................................................................................17
Reminders .............................................................................................................................................................................24
Additional Information .......................................................................................................................................................24
IT-20S S Corporation Booklet 2022 Page 3
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INTIME e-Services Portal Available Schedule Composite
INTIME, DOR’s e-services tax portal available at intime.dor.in.gov, A new Schedule IN-COMPA has been created for shareholders to
provides the following functionalities for IT-20S customers: opt out of full withholding in certain situations. In addition, new
• Make payments using a bank account or credit card exception codes for withholding have been added.
• View and respond to correspondence from DOR
• Request and print return transcripts on-demand Utility Receipts Tax and Utility Services Use Tax
• Electronic delivery of correspondence Effective July 1, 2022, the utility receipts tax and utility services
• Online customer service support through secure messaging use tax have been repealed. For the portion of 2022 before July 1,
2022, these taxes are still in effect and taxpayers subject to these
Increased Online Support for Tax Preparers taxes will be required to file and pay any taxes due.
In addition to the functionality listed above, INTIME provides
increased access and functionality for tax preparers. INTIME
provides the following functionality for tax preparers:
General Information
• Gain access to view and manage multiple customers under one
login Annual Public Hearing
• Ability to file returns, make payments, and view file and pay In accordance with the Indiana Taxpayer Bill of Rights, the Indiana
history for clients Department of Revenue (DOR) will conduct an annual public
• Request electronic power of attorney (ePOA) authorization to hearing in Indianapolis in June of 2023. Event details will be listed
view customer accounts at www.in.gov/dor/news-media-and-publications/dor-public-
• View and respond to correspondence for clients events/annual-public-hearings. Please come and share feedback
or comments about how DOR can better administer Indiana tax
We strongly encourage all taxpayers to make payments and file laws. If you cannot attend, please submit feedback or comments
returns electronically whenever possible. INTIME allows customers in writing to: Indiana Department of Revenue, Commissioner’s
to make estimated payments electronically with just a few clicks. Office, MS# 101, 100 N. Senate Avenue, Indianapolis, IN 46204.
Who Must File and When
What’s New for 2022 Any S corporation doing business in Indiana and deriving gross
income from sources within Indiana must file an annual return,
References to the Internal Revenue Code Form IT-20S, with DOR. It also must file information returns
The definition of adjusted gross income (AGI) is updated to (Schedule IN K-1s) disclosing each shareholder’s distributive
correspond to the federal definition of adjusted gross income share of the S corporation’s income whether distributed or
contained in the Internal Revenue Code (IRC). Any reference to undistributed. These forms are due on or before the 15th day of
the IRC and subsequent regulations means the Internal Revenue the 4th month following the close of the S corporation’s tax year.
Code of 1986, as amended and in effect on March 31, 2021. For a If filing by paper, enclose the first five pages of the U.S. Income
complete summary of new legislation regarding taxation, please see Tax Return for an S corporation (Form 1120S) and Schedule M-3.
the Synopsis of 2022 Legislation Affecting the Indiana Department of Federal Schedules K-1 should not be enclosed but must be made
Revenue at www.in.gov/dor/files/2022-legislative-synopsis.pdf. available for inspection upon request by DOR.
Add-Backs Doing Business in Indiana
• The portion of wagering taxes required to be added back as a For Indiana adjusted gross income (AGI) tax purposes, the term
tax based on or measured by income is being phased out. doing business generally means the operation of any business
See instructions. enterprise or activity in Indiana, including but not limited to the
following:
Credits • Maintenance of an office, a warehouse, a construction site, or
• School Scholarship Tax Credit Contribution ceiling another place of business in Indiana;
increased. The total of allowable net contributions to the • Maintenance of an inventory of merchandise or material for
program has increased to $18.5 million for the program’s sale, distribution, or manufacture, or consigned goods;
fiscal year of July 1, 2022 through June 30, 2023. • The sale or distribution of merchandise to customers directly
• A new credit (867) is available for qualifying donations to from company-owned or -operated vehicles when the title of
approved foster care organizations. See page 21 for more merchandise is transferred from the seller or distributor to
details. the customer at the time of sale or distribution;
• A new credit (868) is available for the venture capital • The rendering of a service to customers in Indiana;
investment credit for amounts provided to a Qualified • The ownership, rental, or operation of a business or property
Indiana Investment Fund. See page 24 for more (real or personal) in Indiana;
information. • Acceptance of orders in Indiana with no right of approval or
• A new credit (869) is available for qualified film and media rejection in another state;
productions. See page 21 for more information. • Interstate transportation; and
• Beginning in 2022, the Headquarters Relocation Credit • Maintenance of a public utility.
(818) must be reported on Schedule IN-OCC.
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S Corporation Filing Requirements Any passive income and built-in gains of an S corporation that
Corporations that are permitted to and do file in accordance are subject to tax under provisions of the IRC will be subject to
with Section 1361(a)(1) of the Internal Revenue Code (IRC) are Indiana adjusted gross income tax. See the instructions for Form
exempt from the Indiana adjusted gross income tax for any tax IT-20S Schedule B beginning on page 10.
period for which the election is in effect, except on passive income
and built-in gains. A corporation is not required to file quarterly estimated payments
if its annual unpaid liability is less than $2,500. Estimated tax
Note. S elections cannot be made retroactively. Qualifications payments must be submitted with the Indiana corporation’s
under Indiana law for filing S corporation returns are essentially quarterly income tax return or by electronic funds transfer (EFT).
the same as in the IRC. However, the corporation must file Form Corporations required to make quarterly estimated payments
IT-20S and meet the withholding requirements for nonresident can use the annualized income installment method calculated in
shareholders under Indiana Code (IC) 6-3-4-13. the manner provided by IRC Section 6655(e) as applied to the
corporation’s AGI tax liability.
To the extent a qualified S corporation’s income is exempt for
federal purposes, the AGI tax will not be assessed against the S The threshold for required EFT payments for corporate estimated
corporation. An S corporation failing to withhold for nonresident taxes is $5,000. Estimated payments of less than $5,000 can be
shareholders will be subject to the penalty provided by IC 6-8.1- made by EFT but are not required to be made by EFT. Estimated
10-2.1(h), instead of losing its tax exemption. This penalty is 20% tax payments and withholding/composite tax payments can be
of the amount of tax required to be withheld and paid under IC made via INTIME, DOR’s e-service portal at intime.dor.in.gov.
6-3-4-13. In addition, there is a penalty of $10 for each failure to
timely file an information return, Schedule IN K-1. Corporations Corporate filers (whether filing on a calendar-year, fiscal-year, or
filing for the first time must enclose a copy of the approval letter short-tax-year basis) must remit by the 20th day of the 4th, 6th,
from the Internal Revenue Service granting the S election. 9th, and 12th months of the corporation’s tax periods. For more
details, see Income Tax Information Bulletin #11 at www.in.gov/
Calculating Corporate Income Tax Rate dor/files/reference/ib11.pdf.
The corporate AGI tax rate is 4.9%.
To avoid costly penalty and interest charges for delinquent filing
of returns, an S corporation should verify its tax status and
withholding responsibilities before conducting business in Indiana.
General Filing Instructions
Liability of the S Corporation Withholding Tax Liabilities of S Corporations
S corporations as entities generally are not subject to an income or The following instances obligate the S corporation to register with
financial institution tax. DOR and become an Indiana withholding agent on behalf of each
of the following.
S corporations are considered to be the taxpayer with respect to
the payment of amounts withheld on nonresident shareholders’ Withholding on Employees
distributive shares. See the section titled “Withholding Tax S corporations making payments of salaries, wages, tips, fees,
Liabilities of S Corporations” for more information. bonuses, and commissions that are subject to Indiana state and/
or county income taxes and are required by the IRC to withhold
S corporations are subject to the use tax. Use tax is due on the storage, federal taxes on those types of payments are also required to
use, or consumption of tangible personal property purchased in a withhold on those payments for Indiana tax purposes.
transaction in Indiana or elsewhere. The only exceptions are if;
• The transaction is exempted from the sales and use tax by Withholding on the compensation of nonresident team members
law; or of certain professional sports organizations is based on duty days
• The sales tax due and paid on the transaction equals the use performed in Indiana. Refer to Income Tax Information Bulletin
tax due. #88 at www.in.gov/dor/files/reference/ib88.pdf. If an employee
resides in a state that has a reciprocal agreement with Indiana, the
See the instructions for the Sales/Use Tax Worksheet on page 11. employee is exempt from Indiana state income tax but is subject
to the relevant county tax.
The apportionment Schedule E must be included with the return
if the S corporation is doing business both within and outside An S corporation with an employee withholding liability must
Indiana and has any shareholders not domiciled in Indiana. See register as an Indiana withholding agent. DOR assigns an Indiana
the instructions for Schedule E beginning on page 14. Taxpayer Identification Number (TID).
An S corporation that has nonresident shareholders must file The S corporation has two options in registering as an Indiana
a composite return for all its nonresident shareholders. A $500 withholding agent:
penalty will be assessed to any S corporation that fails to file a • Register with DOR online using INBiz (inbiz.in.gov); or
composite return that includes all nonresident shareholders (PL • Visit either DOR’s downtown Indianapolis office or one of the
211-2007 SEC. 27, 44, 58). district offices located throughout the state.
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Payments of amounts withheld must be remitted to DOR via share derived from Indiana sources to any of its nonresident
electronic method by the due date. If a filing and/or payment of shareholders that are trusts, estates, and nonprofit organizations
the proper amount of tax withheld is not made by the due date, not domiciled in Indiana. This amount must reflect the ultimate
penalty and interest will be added. A person responsible for tax liability due Indiana by the respective member or beneficiary
remitting payments is personally liable for the tax to be remitted, because of the S corporation’s activities.
and may be subject to criminal prosecution if the failure to pay
and/or file a withholding return is due to fraud or tax evasion. Note. The withholding provisions do not apply to nonresident
Businesses can file and pay withholding taxes via INTIME at shareholders who are nontaxable trust or estate entities.
intime.dor.in.gov or a third-party vendor. INTIME can also be
used to file and remit sales tax. An S corporation must withhold tax on the amount it pays or
credits as dividends or for the shareholder’s distributive share
Withholding on Shareholders derived from Indiana sources to any of its nonresidents that are
An S corporation must withhold state income tax at the individual fiduciaries. Then, a trust or estate must also withhold state income
income tax rate on the amount it pays or credits to any of its taxes for all its nonresident beneficiaries.
nonresident shareholders on the shareholder’s distributive share
of the income derived from Indiana sources regardless of whether Withholding Amounts on Nonresident Shareholders.
distributions were made. Withholding amounts should be remitted by using Form IT-6WTH.
IC 6-3-4-13 provides that all nonresident shareholders must be A penalty will be assessed if an S corporation should have
included in a composite return schedule, and the S corporation withheld but did not. The penalty is 20% of the amount required
must continue to withhold Indiana adjusted gross income tax to be withheld. If the payment is late, it is also subject to interest
for all nonresident shareholders. Unless a shareholder completes in addition to the amount withheld or required to be withheld
Schedule IN-COMPA or the department grants express and paid to DOR. If a distribution to nonresident shareholders
permission for alternative withholding, there is no provision for is made with property other than money, or a gain is realized
a shareholder to opt out of withholding. However, even if the without the payment of money, the corporation may not release
shareholder opts out of withholding or the department grants the property or credit the gain until it has funds sufficient to pay
alternative withholding arrangements, there is no provision for the withholding tax due.
not including a nonresident shareholder on Schedule Composite.
Each nonresident shareholder’s composite tax is calculated at Note. Shareholders not domiciled in Indiana must meet annual
the relevant tax rate. DOR has streamlined the procedure for filing requirements and remit all unpaid tax, penalties, and interest.
making withholding payments for nonresidents. Failure to
include all non-residents on the composite schedule subjects the Accounting Periods and Methods
S corporation to a penalty of $500 in addition to the 20% penalty The accounting period for Form IT-20S and the method of
for failure to withhold. Voluntary payment of the $500 penalty accounting adopted must be the same as used for federal income
does not relieve the S corporation from the obligation to withhold tax purposes
and remit composite tax due.
Extended Filing Due Date
See page 4 for information about using INTIME, DOR’s The initial due date for filing is the 15th day of the 4th month
e-services portal at intime.dor.in.gov, for making withholding following the close of the S corporation’s tax year. DOR accepts
remittances. Credit for the withholding/composite tax will be the federal extension of time application (Form 7004) and the
reflected on Schedule IN K-1 for each shareholder. For further federal electronic extension. If a taxpayer has an extension,
information, consult Income Tax Information Bulletin #72, which there is no need to contact DOR before filing the annual return.
is available at www.in.gov/dor/files/reference/ib72.pdf. Returns postmarked within one month after the last date
indicated on the federal extension will be considered timely filed.
The withholding requirement does not apply to residents of
reverse credit states and who are subject to and pay income taxes Do not file a separate copy of this federal extension form with DOR
at rates equal to or greater than Indiana’s individual income tax to request an Indiana extension at the time the extension is requested.
rate to the resident states. The relevant reverse credit states are: Instead, enclose a copy of the federal extension of time when filing
• Arizona; the state return and check box R on the front of Form IT-20S.
• Oregon; and
• Washington, D.C. If a federal extension is not requested, an Indiana extension of
time to file (and payment) can be requested via INTIME, DOR’s
S corporations must withhold at the county’s relevant tax rate on e-service portal at intime.dor.in.gov, or by submitting a request in
each Indiana nonresident shareholder whose principal place of writing to: Indiana Department of Revenue, Corporate Income Tax,
business or employment on January 1 is located in an Indiana county. Tax Administration, P.O. Box 7206, Indianapolis, IN 46207-7206.
See Schedule CT-40PNR, page 2, at www.in.gov/dor/tax-forms/2022-
individual-income-tax-forms to get the county’s tax rate. Extensions of time to file are applicable to the filing of the return
only and not to any tax liability due. Any payments made after the
Trusts and Estates. S corporations must withhold on the amount original due date must include penalty and interest.
it pays or credits as dividends or for the shareholder’s distributive
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Amended Returns Enter the principal business activity code from the North American
Both the S corporation and the shareholders must file amended Industry Classification System (NAICS), in the designated block of
Indiana returns within 180 days after the filing of the amended the return. Use the six-digit activity code reported on the federal
federal return if: corporation income tax return.
• The S corporation files an amended federal return; and
• The change(s) affects the Indiana income or the taxable Questions K through V and Other Fill-in Lines
income reportable by the shareholders. All corporations filing an Indiana corporation income tax return
must complete the top portion of the form, including questions K
An adjustment made by the Internal Revenue Service affecting the through V. Check or complete all boxes that apply.
reportable Indiana income must be reported to Indiana with an
amended S corporation return. This must be done within 180 days K. Indicate the date and state of incorporation.
after the IRS adjustment becomes final.
L. Indicate the state of the corporation’s commercial domicile.
Check the box at the top of Form IT-20S if filing an amended
return. M. Indicate the year the initial Indiana return was filed.
N. Indicate the accounting method used.
Instructions for Completing Form IT-20S
O. Indicate the date of election as an S corporation.
Filing Period and Identification
Use Form IT-20S to file: P. Check the “final return” box only if the corporation is
• A 2022 corporation return for a tax year ending Dec. 31, 2022; dissolved, liquidated, or has withdrawn from the state. File
• A short tax year beginning and ending in 2022; or Form BC-100 to close out any sales and withholding
• A fiscal year beginning in 2022 and ending in 2023. accounts. INTIME, DOR’s e-services portal at intime.dor.
in.gov, to complete this request online.
For a fiscal or short tax year, provide both the beginning month, day,
and year and the ending month, day, and year at the top of the form. • If the corporation is undergoing bankruptcy, check the
3 rdbox.
Please use the corporation’s full legal name and present mailing • Check “Composite Return” if filing and attach a Schedule
address. Composite for nonresident shareholders.
For foreign addresses, please note the following: Q. Enter the total number of shareholders of the corporation in
• Enter the name of the city, town, or village in the box labeled field one of question Q. Enter the number of all shareholders
City; who are nonresidents of Indiana in field two of question Q.
• Enter the name of the state or province in the box labeled
State; and R. Check this box if the corporation has a valid extension of
• Enter the postal code in the box labeled ZIP Code; and time or an electronic federal extension of time to file the
• Enter the 2-digit country code. return. If applicable, enclose a copy of federal Form 7004
when filing the state return.
Check the box at the top of the form if filing an amended return.
For a name change, check the box at the top of the return. If filing S. Check this box if this corporation filed as a C corporation for
by paper, enclose with the return copies of amended Articles the prior tax year.
of Incorporation or an Amended Certificate of Authority filed
with the Indiana Secretary of State. T. Check this box if this corporation is a member of any
partnership.
The federal employer identification number shown in the box in
the upper-right corner of the return must be accurate and the same U. Check this box if income is reported from disregarded entities.
as used on the U.S. Income Tax Return for an S Corporation. The If this box is checked, please enclose a list of the disregarded
reporting corporation with a Qualified Subchapter S Subsidiary entities with the return. If filing electronically, please complete
(QSSS) must enclose a statement (or federal Form 8869) showing the the disregarded entity portion of the federal recap schedule(s).
name, address, and federal ID number of the owned S corporation(s)
included in this return or enclose a completed Schedule 8-D. V. Check this box if claiming a research expense credit, and
enclose Schedule IT-20REC.
County Code Number. List the two-digit county code
number if filing a return for a corporate address in Indiana. Schedule A – S Corporation Adjusted Gross Income
See Departmental Notice #1 located at www.in.gov/dor/files/ Note. Please round all entries to the nearest whole dollar amount.
reference/dn01.pdf for a list of county codes. Enter “00” (two Also, please do not use a comma in dollar amounts of four digits
zeroes) in the county box D if corporate address lies outside of or more. For example, instead of entering “3,455” enter “3455.”
Indiana.
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Line 1. Enter the amount from the federal S Corporation Return The following add-backs and deductions should
Schedule K: be entered on lines 2a through 2e.
• Net ordinary business income;
• Net income from real estate activities from Form 882; Conformity Add-Back
• Other rental income activities; Before this publication was finalized Indiana had not conformed
• Portfolio income and deductions; to any changes to the Internal Revenue Code (IRC) that may
• Royalties; have become law after March 31, 2021. Therefore, the IRC used
• Capital gains and losses; and to figure Indiana income may not wind up being the same as the
• Other income. IRC used to figure federal income.
The amount should total the net income (loss) from Schedule K, This add-back is specific to these annual current year conformity
line 1 through line 10, less line 11 and a portion of line 12 related issues. If uncertainty exists as to whether or not Indiana will adopt
to investment income (see below). some or all of the federal legislation passed after March 31, 2021,
that acts to modify federal AGI, you may add-back those items
The Section 179 deduction and that portion of investment as an “other” add-back. In the event those items are adopted, an
expenses included in federal Schedule K, part of line 12, and line amended return should be filed to recoup the add-back(s).
17 relating to investment portfolio (royalty) income, flowing
through to federal Schedule E, may be tentatively deducted. Do Conformity Add-Back – Positive Entry (3-digit code 120)
not deduct other expenses treated as federal itemized deductions. This add-back is only for current year conformity issues.
Conformity issues for preceding tax years must be addressed on
Use the Worksheet for S Corporation Distributive Share of the add-back line specific to the item in question.
Income, Deductions, and Credits to assist in this calculation. The
income worksheet must be used if the corporation received any If the state legislature does not conform to federal code changes
distributive income from an owned partnership interest, estate, or enacted after March 31, 2021, you may have to amend your return at
trust. See the worksheet on page 13. a later date to reflect any differences between Indiana and federal law.
You may wish to periodically check for updates at www.in.gov/dor.
Indiana State Modifications, Lines 2a through 2f
Enter any add-backs and deductions on lines 2a through 2f. Enter Conformity Add-Back – Negative Entry (3-digit code 147)
the name of the add-back/deduction, its 3-digit code, and its This add-back generally is based on conformity issues arising from a
amount. Use a minus sign to denote negative amounts. Attach previous year. However, in rare cases this can arise from conformity
additional sheets if necessary. issues arising in the current year where the IRC treats an item as
taxable or nondeductible that was previously exempt or deductible.
Adding Back Depreciation Expenses
Several of the discontinued add-backs were created by timing One example that occurs periodically is when there is a federal
differences between federal and Indiana allowable expenses. disaster. Congress will amend the IRC to permit IRA withdrawals
Following is an example of how to report a difference. to be included over three years (e.g., a 2022 withdrawal would be
included one-third in 2022, one-third in 2023, and one-third in
Example. ABC Company has qualified restaurant equipment. For 2024). If Indiana decoupled from the IRC, the whole amount would
federal tax purposes, they use the accelerated 15-year recovery be included in 2022, none in 2023, and none in 2024. The Code 120
period for an asset placed in service in 2009. Since 2009, ABC would be for the two-thirds add-back in 2022, the Code 147 would be
Company has been adding back the depreciation expense taken for the one-third deduction in 2023 and 2024. These have occurred
for federal purposes that exceeded the amount allowable for from time to time but (1) did not affect Indiana because of the
Indiana purposes. The accumulated depreciation on such an asset specific disaster and (2) the IRC conformity date was updated in time.
through 2012 is, therefore, different for federal and state purposes.
This difference will remain until the asset is fully depreciated or Tax Add-Back (3-digit code 100)
until the time of its disposition. Add back all state taxes based on or measured by income, levied
by any state, which were deducted on the federal tax return.
So, in this example, the asset was acquired in January 2009 at a
purchase price of $120,000. This normally would have a 25-year Wagering taxes fall within this category to be added back.
recovery period, but IRC Sec. 168 allows for a 15-year recovery However, the amount to be added back is being phased out. See
period. Tax year 2012 is the last year ABC Company will have the following instructions.
reported a qualified restaurant equipment add-back until the end
of the 15-year recovery period. • Wagering taxes. The portion of wagering taxes required to be
added back as a tax based on or measured by income is being
If this asset was sold before being fully depreciated (using straight- reduced (phased out). The percentage of taxes required to be
line depreciation), the catch-up modification would be reflected added back is determined by the first date of the taxpayer’s
in the year of the sale. However, if this property is held through taxable year, and is determined as follows: 2019 – 87.5% ;
2023 (the 15th year of depreciation), ABC Company will report a 2020 – 75%; 2021 – 62.5%; 2022 – 50%; 2023 – 37.5% 2024 –
negative $12,800 catch-up add-back on the 2023 state tax return. 25.0%; 2025 – 12.5%; 2026 and later – no add back required.
Page 8 IT-20S S Corporation Booklet 2022
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For example, Casino X remits $10,000,000 in riverboat to explain the adjustment. Income Tax Information Bulletin #118
wagering taxes. Individual owns 10% of Casino X. at www.in.gov/dor/files/reference/ib118.pdf explains this initial
Individual’s share of income taxes is $1,000,000. Casino X will required modification on the allowance of depreciation for state
report $5,000,000 as its add back. The Schedule IN K-1 issued tax purposes and special rules for certain like-kind exchanges.
to Individual will reflect $500,000 (or an apportioned share if
Individual is a nonresident). Deduction for interest on U.S. Government Obligations
(3-digit code 610)
Note. Income, losses and/or expenses from other schedules Deduct interest income, less related expenses, from certain
and forms may flow through to federal Schedules C, E and obligations of the U.S. government included as income on the
F. For example, S corporation income from federal Schedule federal return. A listing of eligible items is available in Income Tax
K-1 may be included on federal Schedule E, while expenses Information Bulletin #19 at www.in.gov/dor/files/reference/ib19.pdf.
from federal Form 8829 may be included on federal Schedule
C. Make sure to check these schedules and forms for any Note. Entries made on federal Form 8825 should also be
deduction that needs to be added back. considered when completing entries on line 2.
Add-back for Bonus Depreciation (3-digit code 104) Add-back of OOS Municipal Obligation Interest (3-digit code 137)
Add or subtract an amount attributable to bonus depreciation. Interest earned from a direct obligation of a state or political
Do this if it’s in excess of any regular depreciation allowed if subdivision other than Indiana (out of state, or OOS) is taxable by
the corporation did not elect under IRC Section 168(k) to have Indiana if the obligation is acquired after Dec. 31, 2011. Interest
it applied to property in the year the property was placed into earned from obligations held or acquired before Jan. 1, 2012, is
service. If property is owned, it is possible to have been allowed to not subject to Indiana income tax and should not be reported as
take additional first-year special depreciation for qualified property an add-back.
in the current taxable year or an earlier taxable year. If this is the
case, add or subtract an amount that makes the AGI equal the Note. Interest earned from obligations of Puerto Rico, Guam,
amount computed without applying any bonus depreciation. (The Virgin Islands, American Samoa, or Northern Mariana is not
first-year special depreciation for qualified property includes included in federal gross income and is exempt under federal
100% bonus depreciation.) Calculate the subsequent depreciation law. There is no add-back for interest earned on these obligations.
allowance as if the bonus depreciation had been disallowed until For more information, see Income Tax Information Bulletin #19
the property is disposed or the property is fully depreciated for available at www.in.gov/dor/files/reference/ib19.pdf.
Indiana purposes. Enclose a statement to explain the adjustment
being made. Income Tax Information Bulletin #118 at www. Federal Repatriated Dividend Deduction Add-Back
in.gov/dor/files/reference/ib118.pdf explains this initial required (3-digit code 139)
modification on the allowance of depreciation for state tax Add back the deduction that flowed through to shareholders on
purposes and special rules for certain like-kind exchanges. Line 3 using code 139. Report the add-back to the beneficiaries
using code 139 on Schedule IN K-1. For nonresident individuals,
Add-back for Section 179 Expense Excess (3-digit code 105) include only the apportioned amount of the add-back.
Add or subtract the amount necessary to make the adjusted gross
income of the taxpayer that placed any IRC Section 179 property Excess Federal Interest Deduction Modification (3-digit code 142)
in service in the current taxable year or in an earlier taxable year IRC Section 163(j) limits the federal interest deduction for most
equal to the amount of adjusted gross income that would have been business interest to a portion of adjusted taxable income plus
computed as if the federal limit for expensing under IRC section business interest income. However, Indiana decoupled from this
179 was $25,000 as opposed to $1,000,000 (adjusted for inflation). provision. Subtract an amount equal to the amount disallowed as a
federal deduction for excess business interest in the year in which the
Indiana has adopted an expensing cap of $25,000. This modification interest was first paid or accrued. Add back any amount of interest
affects the basis of the property if a higher Section 179 limit was previously deducted for Indiana and allowable for federal purposes
applied. The federal increase to a $1,000,000 deduction was not in the current taxable year. For shareholders, the shareholder will
allowed for purposes of calculating Indiana adjusted gross income. be required to compute any add-back at the shareholder level. For
However, the $2,500,000 threshold for phase-out (adjusted for purposes of reporting this modification and determining composite
inflation) is allowed for purposes of calculating Indiana AGI. The tax, compute any add-back as if the S corporation is the only source
depreciation allowances in the year of purchase and in later years of the shareholder’s interest income/deduction.
must be adjusted to reflect the additional first-year depreciation
deduction, including the special depreciation allowance for 100% Meal Deduction Add-Back (3-digit code: 149)
bonus depreciation property, until the property is sold or the If you:
property is fully depreciated for Indiana purposes. • claimed a deduction for meal expenses with regard to food
and beverages provided by a restaurant in computing your
Note. The net amount determined for the net bonus depreciation federal adjusted gross income; AND
or the IRC Section 179 add-back might be a negative figure (to • the deduction would have been limited to 50% of the meal
reflect allowable depreciation in subsequent years). If it is, use expenses if the expenses had been incurred before Jan. 1, 2021,
a minus sign to denote that. (If the taxable income is a loss, this add back the amount deducted for federal purposes in excess of
adjustment increases a loss when added back.) Enclose a statement 50% of the food or beverage expenses.
IT-20S S Corporation Booklet 2022 Page 9
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Do not add back any amount for which an exception to the 50% because an employer claimed a federal COVID-related employee
limitation was in effect for amounts paid before Jan. 1, 2021. retention credit, deduct the amount that was:
• disallowed for federal purposes; and
Example. Meals, Inc incurs $2,000 in meal expenses during 2022 • that otherwise would have been allowable in determining
and deducts the entire $2,000 in computing Meals, Inc.’s 2022 Indiana adjusted gross income.
federal adjusted gross income. The meal expenses do not qualify
for a federal exception from the 50% limitation under pre-2021 Do not deduct any amounts for amounts disallowed for non-
IRC § 274. Meals, Inc., is required to add back $1,000, and reports COVID related employee retention credits such as disaster-related
the add-back on its shareholders’ Schedule IN K-1. employee retention credits.
Government or Civic Group Capital Contribution Deduction For 2022, this should only be claimed as a deduction if the S
(3-digit code 633) corporation is claiming a deduction from a pass through entity
Subtract any amount included in federal taxable income that are that had a fiscal year beginning in 2021.
capital contributions from a government or civic group and not
excluded under IRC Section 118. Indiana-only Tax-exempt Bonds Deduction (3-digit code: 636)
If you had interest from a bond issued by or in the name of certain
Indiana Lottery Winnings Annuity Deduction (3-digit code 629) Indiana government subdivisions or entities or amounts received
If a taxpayer receives proceeds from a winning Hoosier Lottery upon redemption or maturity of the bond, deduct any interest or
ticket for a lottery held prior to July 1, 2002, those proceeds may other income included in federal gross income. Do not deduct
be deducted from the taxpayer’s Indiana adjusted gross income. any bond interest that is excluded from federal gross income.
This deduction applies only to prizes won from the Hoosier In addition, if you sell the bond, do not deduct any amounts for
Lottery Commission; proceeds from other state lotteries or from which the bond is sold in excess of your purchase price. See IC
other gambling sources, such as casinos, are not deductible. In 6-8-5-1 for further information regarding the deduction.
addition, proceeds from winning Hoosier Lottery tickets for
lotteries held after June 30, 2002, are not deductible. Line 2d. Enter the total amount of add-backs and subtractions
from any additional sheets. If more than five modifications are
Note. Individuals or entities that have purchased Hoosier Lottery needed, attach additional sheets detailing them. Total the amounts
prizes from a winning ticket holder for valuable consideration are from the additional sheets and enter the total here (use a negative
not eligible for this deduction. sign to denote a negative amount).
Infrastructure Fund Gift Deduction (3-digit code 631) Line 3. Add lines 1 through 2d.
Shareholders or partners may be eligible to claim a deduction if a
contribution has been made to a regional development infrastructure Form IT-20S Schedule B – Tax on Excess Net
fund. Record the amount on lines 19 – 23 of the IN K-1. Passive Income and Built-in Gains
To the extent that the S corporation’s excess net passive income
Filers should keep detailed records of the contribution as DOR and built-in capital gains are subject to income tax under the
can ask filers to provide this information at a later date. Internal Revenue Code, the Indiana AGI tax is imposed on such
income of the corporation derived from Indiana sources. Use the
Line 2f. Enter the total amount of add-backs and deductions following guidelines to calculate the corporation’s tax liability. The
from any additional sheets. If more than five add-backs and/or corporation must make quarterly estimated tax payments if its
deductions are claimed, attach more sheets detailing them. Total Indiana tax liability exceeds $2,500.
the amounts from the additional sheets and enter it here. Use a
minus sign to denote a negative amount. All references are from the federal forms. Use updated versions
where applicable.
Line 4. Enter the Indiana apportionment percentage if the
corporation has any multistate business activities. If apportioning Line 5. Enter the amount of LIFO recapture income on which you
income, enter the Indiana percentage (rounded to two decimal reported tax on federal Form 1120S, Line 22a, in the first year in
places) from line 9 of Schedule E, Apportionment of Income which recapture tax is required to be reported for federal income
for Indiana. Do not enter 100%. See Schedule E instructions tax purposes. Note: Indiana requires the full amount of recaptured
beginning on page 14. income to be reported in the first year that the recapture is
required for federal tax purposes without regard to the federal
For more information, see Income Tax Information Bulletin #12 allowance to pay tax over multiple years.
available at www.in.gov/dor/files/reference/ib12.pdf.
Line 6. Enter the amount of excess net passive income subject to
Before continuing to lines 5 through 25, complete Schedule IN tax, Line 22a, for the taxable year.
K-1 for each shareholder.
Line 7. Enter the net amount of line 18 from federal Schedule D,
COVID-related Employee Retention Credit Disallowed Part III. Use the appropriate lines from the latest federal update.
Expenses Deduction (3-digit code: 634) Enclose Schedule D (1120S) with the return.
If you had a deduction that was disallowed for federal purposes
Page 10 IT-20S S Corporation Booklet 2022
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Line 9. If the taxable amount on line 8 is not or cannot be wholly business is subject to the use tax at the time of conversion. Complete
allocated to Indiana, use the apportionment percentage from line the Sales/Use Tax Worksheet below to compute any sales/use tax
4 to attribute the business income to Indiana. Enclose Schedule liability. For further information about use tax, call (317) 232-2240.
E with the return. Multiply the amount on line 8 by the Indiana
apportionment percentage on line 4. If apportionment of income Note. A registered retail merchant for Indiana must report
is not applicable, enter the total amount from line 9. nonexempt purchases used in the Indiana business. This is
reported on Form ST-103, ST103MP, or ST-103CAR, Indiana
Line 10. Enter the amount of net operating losses attributable to Annual, or Monthly Sales and Use Tax Voucher. If use tax is not
Indiana and allowable for carryforward from a taxable year when the paid by the original due date of the return, interest will be added
corporation was a C corporation. Do not enter an amount greater to the amount due. A 10% penalty or $5, whichever is greater, is
than Line 7 multiplied by the Indiana apportionment percentage charged on each unpaid use tax liability.
on Line 4 for the taxable year. If apportionment of income is not
applicable, the amount on this line cannot exceed Line 7. Caution. Do not report totals from Form ST-103 on this
worksheet or on Form IT-20S.
Line 13. Multiply the amount on line 11 by the corporate AGI tax
rate, if not otherwise qualified for a reduced rate of tax. . Line 14. Enter the use tax due from the Sales/Use Tax worksheet.
On line 13, enter the total computed AGI tax based on the taxable Line 15. Enter the total tax liability of the nonresident members
income reported on line 11 of Schedule B. included in the Composite Adjusted Gross Income Tax Return,
column G. Enclose Schedule Composite.
If the tax exceeds $2,500, enclose the completed Indiana Schedule
IT-2220 to compute any underpayment of estimated tax penalty Line 16. Add the tax shown on lines 13, 14, and 15.
or to show an exception to the penalty.
Line 17. Enter the total amount of pass-through withholding.
(Enclose a copy of Schedule IN K-1 from the paying entity.)
Do not take any credit for individual or separate estimated tax
Summary of Calculations
payments made by the shareholders.
Sales/Use Tax
IC 6-2.5-3-2 imposes a use tax at the rate of 7% on purchases of Line 18. Enter the total composite withholding payments from
tangible personal property. This tax applies to the use, storage, or Form IT-6WTH. Amounts withheld from nonresident individual
consumption of goods in Indiana that were purchased or rented in shareholders included in the composite return are remitted using
a retail transaction, wherever located, and sales tax was not paid. Form IT-6WTH. Do not include the amount to be remitted
Examples of taxable items include: with the filing of this return.
• Magazine subscriptions;
• Office supplies; Line 19. Enter any other payments/credits belonging to the
• Electronic components; and corporation. This may be estimated payments for passive income
• Rental equipment. and built-in gains tax that was not otherwise passed through to
the shareholders. A detailed explanation must be enclosed for any
Any property purchased free of tax using an exemption certificate credits claimed on this line.
or from out-of-state that is converted to a nonexempt use by the
Sales/Use Tax Worksheet
List all purchases made during the tax year from out-of-state retailers.
Column A Column B Column C
Description of personal property purchased from out-of-state retailer Date of purchase(s) Purchase Price of
Property(s)
Magazine subscriptions:
Mail order purchases:
Internet purchases:
Other purchases:
1. Total purchase price of property subject to the sales/use tax: enter total of Columns C .............................. 1
2. Sales/use tax: Multiply line 1 by .07 (7%) ..................................................................................................... 2
3. Sales tax previously paid on the above items (up to 7% per item) ............................................................... 3
4. Total amount due: Subtract line 3 from line 2. Carry to Form IT-20S, line 14. If the amount is negative,
enter zero and put no entry on line 14 of Form IT-20S ................................................................................. 4
IT-20S S Corporation Booklet 2022 Page 11
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Note. Certain Motorsports Investment District Income (prize Line 23. Subtract lines 17 through 22 from line 16. If a balance
winnings) and IN state and Marion County withholding taxes due remains, proceed to lines 24 through 26.
may be reported on Form IN-MSID and/or Form IN-MSID-A
and/or Form IN-MSID-A. Line 24. Enter the total interest due.
If the S corporation allocates any of those prize winnings and Caution. Two separate calculations of interest and penalty may be
withholding amounts to the ultimate recipients (e.g., shareholder, required:
individual, etc.), the S corporation must issue form IN-MSID-A • Interest is computed on the net amount of composite tax, on
to the recipients to reflect the amounts passed through (winnings line 23, paid after the 15th day of the 4th month following the
and withholdings). If you did not allocate amounts to other end of the corporation’s taxable year. Interest is calculated from
ultimate recipients, you should issue an IN-MSID-A to yourself the day following the due date for payment of the composite
in order to claim the credit for the state and county (if applicable) tax to the actual date the balance is paid with Form IT-20S.
withholding amounts. • Interest on the use tax and Schedule B tax is calculated on
the remaining amount of tax on line 23 that is paid after the
A detailed explanation must be enclosed for any credits claimed original due date of Form IT-20S.
on this line.
For the current rate, see Departmental Notice #3 available at www.
If the corporation reported a liability on line 13 of the IT-20S in.gov/dor/files/reference/dn03.pdf.
and made a contribution eligible for the Indiana College Credit,
check the “Corporation” box Form CC-40, Part I, and include the Line 25. Enter the total penalty due. The penalty for late payment is
amount from Form CC-40, Part III, Line 5 as part of line 18. The 10% of the amount of any tax due on line 23 paid after the 15th day
corporation cannot pass the credit through to its shareholders of the 4th month following the end of the corporation’s taxable year.
and cannot use the credit to offset any part of its composite tax
liability. Please include Form CC-40 with the IT-20S. However, if composite tax is due as the result of a failure to
withhold on income distributions to nonresident shareholders,
Line 20. Enter the amount of Economic Development for a the penalty is 20% of the composite tax not withheld.
Growing Economy (EDGE) credit being claimed from line 19 of
Schedule IN-EDGE. Enter only (1) the aggregate credit amounts If the penalty imposed for late composite tax or failure to
from Schedule IN K-1s for the entity’s shareholders who are withhold composite tax is less than $5, the penalty imposed is
included on the composite return and (2) any credit amount that $5. If the penalty for late payment of use tax and/or Schedule B
the corporation is claiming for itself as a refundable credit. The tax is less than $5, the penalty imposed is $5. These two penalty
Schedule IN-EDGE must be completed and enclosed with the computations are required to be determined separately.
return. Otherwise, this credit will be denied.
If a return showing no liability on line 16 is filed late, the penalty
Line 21. Enter the amount of EDGE-R credit being claimed from for failure to file by the due date is $10 per day the return is past
line 19 of Schedule IN-EDGE-R. Enter only (1) the aggregate due, up to a maximum of $250. If the tax on line 23 exceeds
credit amounts from Schedule IN K-1s for the entity’s shareholders $2,500, add any underpayment of estimated tax penalty computed
who are included on the composite return and (2) any credit on Schedule IT-2220 or enclose a completed schedule to show
amount that the corporation is claiming for itself as a refundable exception to this penalty. In addition, a separate $10 penalty is
credit. The Schedule IN-EDGE-R must be completed and enclosed assessed on each Schedule IN K-1 information return that is late.
with the return. Otherwise, this credit will be denied.
Note. No penalty is due on composite withholding tax if at
Line 22. Enter the total amount of credits claimed from Schedule least 80% of the withholding tax for the current year, or 100%
IN-OCC, and enclose Schedule IN-OCC with the return. of the prior year’s withholding tax is remitted by the 15th day
Otherwise, these credits will be denied. If filing this schedule with of the 4th month following the end of the tax year. Penalty is
Form IT-20S, only reflect the credit amounts from Schedule IN applicable if all remaining tax and interest due is not paid by
K-1s on behalf of the entity’s shareholders who are included on the the extended due date.
composite return. Do not include credits from Schedule IN K-1s
that belong to shareholders who are not included on the composite Line 26. A penalty of $500 is assessed to any S corporation
return. Enter the combined pro rata credits on one line of the that fails to file a composite return for all of its nonresident
IN-OCC; do not enter a line for each composite member. The total shareholders (PL 211-2007 SEC. 27, 44, 58). Remitting the $500
amount of credit for the members on the composite return cannot penalty with the return does NOT allow the S corporation to
exceed the entity’s total tax due. In addition, sales and use tax avoid the additional 20% failure to withhold penalty. Shareholders
cannot be offset by these nonrefundable credits if included in the may only be excluded from withholding by means of the IN-
total tax due. If an income tax return is being filed by a shareholder COMPA waiver form. The S corporation must list nonresident
included on the Schedule Composite, the member should use the shareholders even if the shareholder is not subject to withholding.
4-digit code provided on Schedule IN K-1 not the 3-digit code If the S corporation fails to include all nonresident shareholders
utilized on the S Corporation income tax return. on the composite return, remit that penalty here.
Page 12 IT-20S S Corporation Booklet 2022
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Worksheet for S Corporation Distributive Share Income, Deductions, and Credits
Use this worksheet to compute the entry for line 1 of Form IT-20S and to assist in computing amounts reportable on or for Schedule
IN K-1. Enter the total distributive share of income from each item reportable on Form 1120S, Schedule K. Do not complete column B
and C entry lines unless the corporation received distributive share or tiered income from other entities.
A. B. C.
Distributive Share Amounts S Corporation Distributions from Distributions
Income Partnerships / Attributed
All Sources Estates / Trusts to Indiana
S Corporation’s Distributive Share of Items
1. Ordinary business income (loss) ..............................................
2. Net rental real estate income (loss).......................................... Enter below for Enter below for
line 13B total line 13C total
3. Other net rental income (loss) ..................................................
distributive share distributive share
4. Interest income ......................................................................... income received income received
5a. Ordinary dividends ................................................................... by the corporation by the corporation
6. Royalties................................................................................... from all non-unitary from partnerships,
7. Net short-term capital gain (loss) ............................................. partnerships, estates and trusts
estates, and trusts. that were derived
8. Net long-term capital gain (loss)...............................................
Enter for line 14B from or allocated to
9. Net IRC Section 1231 gain (loss) ............................................. an amount equal Indiana. Enter on
10. Other income (loss) .................................................................. to required state line 14C an amount
modifications for equal to the Indiana
Less Allowable Deductions for State Tax Purposes Indiana Adjusted modifications for
Gross Income. Adjusted Gross
11. IRC Section 179 expense deduction .................................. (See page 7 for Income attributed to
instructions.) Indiana.
12A. Portion of expenses related to investment portfolio income,
including investment interest expense and other (federal
non-itemized) deductions....................................................
12B. Other information from line 17 of federal K-1 related to
investment interest and expenses not listed elsewhere .....
13. Carry total on line 13A to Form IT-20S line 1 on front
page of return .................................................................... 13A 13B 13C
14. Total of Indiana state modifications to distributive share income
(see line 2f, Form IT-20S) ........................................................................................ 14B 14C
15. Net Indiana adjusted gross income distributions from
partnerships, estates, and trusts (add lines 13C and 14C)......................................................................... 15C
16. Enter amount of Indiana pass-through credits attributed from
partnerships, estates, and trusts, if any ...................................................................................................... 16C
IT-20S S Corporation Booklet 2022 Page 13
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Line 27. If line 22 is greater than zero, add lines 22 through 25 Paid Preparer Information
and enclose a separate remittance for the total amount owed for Fill out this area if a paid preparer completed this tax return. The
each Form IT-20S filed. Payment to the Indiana Department paid preparer must sign and date the return. In addition, please
of Revenue must be made in U.S. funds and can be made via enter the following:
INTIME, DOR’s e-services portal at intime.dor.in.gov. • The paid preparer’s email address;
• The name of the firm the paid preparer is employed by;
Line 28. If the total of lines 16 through 21 exceeds line 15, • The paid preparer’s PTIN (personal tax identification
subtract lines 23 through 25 from line 22. If the result is less than number). This must be the paid preparer’s PTIN; do not enter
zero, this is the net overpayment. an FID or Social Security number;
• The paid preparer’s complete address.
Note. If penalties and interest are due because of delinquent filing
or payment, the overpayment must be reduced by these charges. Note. Complete this area even if the paid preparer is the same
If the result is a balance due, enter the difference on line 26. An S individual designated as the personal representative.
corporation’s overpayment credit may not be carried over to the
following year; any overpayment amount will be refunded.
Mailing Options
Certification of Signatures and If taxes are owed, please mail the completed return to:
Authorization Section Indiana Department of Revenue
P.O. Box 7205
Sign, date, and print the corporation name on the return. If a paid Indianapolis, IN 46207-7205
preparer completes the return, authorize DOR to discuss the tax
return with the preparer by checking the authorization box above If taxes are not owed, please mail the completed return to:
the line for the name of the personal representative. Indiana Department of Revenue
P.O. Box 7147
Personal Representative Information Indianapolis, IN 46207-7147
Typically, DOR contacts the S corporation if there are any
questions or concerns about the tax return. If DOR can discuss
the tax return with someone else (e.g., the person who prepared it Instructions for Schedule E,
or a designated person), complete this area.
Apportionment of Income for Indiana
First, check the “Yes” box that follows the sentence “I authorize Complete the apportionment of income schedule whenever the
the Department to discuss my tax return with my personal corporation:
representative.” • Has income derived from sources both within and outside
Indiana; and
Next, enter: • Has any nonresident shareholders.
• The name of the individual designated as the corporation’s
personal representative; and Note. Interstate transportation corporations should consult
• The individual’s email address. Schedule E-7 for details on apportionment of income. This
schedule is available at www.in.gov/dor/tax-forms/2022-
If this area is completed, DOR is authorized to contact the corporatepartnership-income-tax-forms/.
personal representative, instead of the corporation, about this tax
return. After the return is filed, DOR will communicate primarily
Part I - Apportionment of Adjusted Gross Income
with the designated personal representative for any matters Sales/Receipts. The sales factor is a fraction. The numerator
concerning this return. is the total receipts of the taxpayer in Indiana during the tax
year. The denominator is the total receipts of the taxpayer in all
Note. The authorization for DOR to be in contact with your jurisdictions during the tax year.
personal representative can be revoked at any time. To do so,
submit a signed statement to DOR. The statement must include a In the case of certain receipts, all or a portion of the receipts are
name, Federal Identification Number of the S corporation, and the not included.
year of the tax return. Mail the statement to Indiana Department
of Revenue, P.O. Box 7206, Indianapolis, IN 46207-7206. • For receipts includible under IRC section 965 or GILTI (IRC
Section 951A), the amount included as a receipt is the amount
Officer Information included in adjusted gross income minus any amount claimed as
An officer of the organization must sign and date the tax return and a foreign source dividend under IC 6-3-2-12 if the S corporation
enter the officer’s name and title. Please provide a daytime telephone is itself taxable for federal purposes on such income.
number DOR may call if there are any questions about the tax • Receipts do not include deemed foreign dividends under
return. Also, provide an email address if contact via email is desired. IRC section 965 or GILTI if the corporation passes through
the deemed foreign dividends or GILTI.
Page 14 IT-20S S Corporation Booklet 2022
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• For receipts from the sale of securities, including stocks, • Gross receipts from the performance of certain
bonds, options, and future and forward contracts, only the telecommunications and broadcast services are attributed
net gain from the sale is treated as a receipt. to Indiana if the income-producing activity is in Indiana. If
• For receipts from hedging or similar transactions, only the such activities are conducted partly within and partly outside
net gain resulting from both sets of transactions is treated as Indiana, the gross receipts from the services are attributable to
a receipt. Indiana if the direct costs incurred in Indiana related to those
receipts are greater than the direct costs incurred in any other
The numerator of the receipts factor must include the following to state, unless the activities are otherwise directly attributed to
the extent included in the receipts numerator: Indiana according to IC 6-3-2-2.2 or IC 6-3-2-2(f).
• All sales made in Indiana; • Receipts from other services and other intangibles are
• All sales made from Indiana to the U.S. government; attributed to Indiana if the benefit of the service or intangible
• All receipts from sales of business property in Indiana; and is received in Indiana. Please see [regulations] for further
• All interest, dividend, or other intangible income earned in information on whether the receipts from a particular
Indiana. transaction are attributed to Indiana.
The numerator contains intangible income attributed to Sales to the United States Government. The United States
Indiana, including interest from consumer and commercial government is the purchaser when it makes direct payment to
loans, installment sales contracts, and credit and debit cards as the seller. A sale to the United States government of tangible
prescribed under IC 6-3-2-2.2. personal property is in Indiana if it is shipped from an office, a
store, a warehouse, or another place of storage in Indiana. See the
Total receipts include gross sales of real and tangible personal previous rules for sales other than tangible personal property if
property less returns and allowances. Sales of tangible personal such sales are made to the United States government.
property are in Indiana if the property is delivered or shipped to
a purchaser within Indiana regardless of the f.o.b. point or other Other Gross Receipts. On line 6, report other gross business
conditions of sale. receipts not included elsewhere and pro rata gross receipts from
all unitary partnerships, excluding from the factors the portion of
Sales or receipts not specifically attributed above shall be distributive share income derived from a non-unitary partnership
attributed as follows: [45 IAC 3.1-1-153(b)].
• Gross receipts from the sale, rental, or lease of real property
are in Indiana if the real property is located in Indiana; On line 7, report direct premiums and annuity considerations
• Gross receipts from the rental, lease, or licensing of the use received during the taxable year for insurance upon property
of tangible personal property are in Indiana if the property is or risks in Indiana. The terms direct premiums and annuity
in Indiana. If property was both within and outside Indiana considerations mean the gross premiums received from direct
during the tax year, the gross receipts are considered in business as reported in the corporation’s annual statement filed
Indiana to the extent the property was used in Indiana; with the Department of Insurance.
• Interest income and other receipts from loans or installment
sales contracts that are primarily secured by or deal with real Total Receipts. Complete all lines as indicated. Add all the
or tangible personal property are attributed to Indiana if the receipts in Column A (lines 1A through 7A), and enter the
security or sale property is located in Indiana; consumer loans total on line 8A. In addition, enter the total receipts from all
not secured by real or tangible personal property are attributed jurisdictions on line 8B.
to Indiana if the loan is made to an Indiana resident; and
commercial loans and installment obligations not secured by Apportionment of Income for Indiana
real or tangible personal property are attributed to Indiana if Divide line 8A by line 8B. Multiply by 100 to arrive at a percentage
the proceeds of the loan are applied in Indiana. rounded to the nearest second decimal place. This is the Indiana
• Interest income, merchant discounts, travel and apportionment percentage; carry it to the apportionment entry
entertainment credit card receivables, and credit card holder’s line on the return, line 4 on Form IT-20S.
fees are attributed to the state where the card charges and fees
are regularly billed. The completed Schedule E, Apportionment of Income, must be
• Receipts from the performance of fiduciary and other services enclosed with the return.
are attributed to the state where the benefits of the services
are consumed. Receipts from the issuance of traveler’s checks, Part II - Business/Other Income Questionnaire
money orders, or United States savings bonds are attributed to Complete all applicable questions in this section. If income is
the state where those items are purchased. apportioned, enclose the completed Schedule E, Apportionment
• Receipts from investments are attributed to Indiana if the of Income, with Form IT-20S.
taxpayer’s commercial domicile is in Indiana.
IT-20S S Corporation Booklet 2022 Page 15
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resident states must be listed on the Schedule Composite, but with
the amount of withholding tax/credit for these shareholders listed
Instructions for Schedule Composite
as zero.
An S corporation that has any shareholders who are nonresidents
of Indiana must file a composite return and include all its Column A. If a shareholder has an exception where the
nonresident shareholders. A penalty of $500 will be assessed to any shareholder may not be subject to tax, enter the exception code
S corporation that fails to file a composite return that includes all applicable to that shareholder. If no exception code applies to a
nonresident shareholders required to be included. Remitting the shareholder, leave the column blank. If an invalid code is entered,
$500 penalty with the return does NOT allow the S corporation to this will be treated as a blank code. If a code is entered into this
avoid the additional 20% failure to withhold penalty. Shareholders column, compute the values for Columns D and F based on the
may only be excluded from withholding by means of the IN- proper amount of tax due rather than based on Column C and
COMPA waiver form. However, if a nonresident shareholder’s E. For 2022, the codes 03 through 12 will require a signed IN-
distributive share of income after modifications is a negative COMPA from the shareholder. Failure to obtain and include a
amount, do not list the shareholder on the Schedule Composite. signed IN-COMPA will require the S Corporation to withhold as
otherwise required under IC 6-3-4-13.
The composite return must be filed with and has the same due • Code 01 - Approved alternative arrangement. This is available
date as the S corporation return. If the Internal Revenue Service only if DOR has approved an alternative withholding
allows the S corporation an extension to file its income tax return, arrangement with the corporation responsible for paying the
the due date for its Indiana return is automatically extended for tax. You must maintain DOR’s approval of the arrangement
the same period, plus one month. with your records as DOR can require you to provide it at a
later date.
Composite income means each nonresident shareholder’s • Code 02 - Credit used to offset composite tax. If
distributive share of income derived from sources within Indiana the shareholder would have been entitled to claim a
as determined by the use of the apportionment formula described nonrefundable tax credit that flowed through from the
in IC 6-3-2-2(b) plus Indiana modifications. corporation to reduce the shareholder’s income tax liability,
the corporation may reduce the amount of composite tax
Filing Requirements for Schedule Composite by the shareholder’s share of such credit. Do not reduce the
The following limitations and conditions apply to each tax in Column G by more than the shareholder’s share of
shareholder included as a member in the composite return: any credits that properly passed through to the shareholder.
• No deduction is permitted for carryover of net operating Also, you may only reduce the tax by the amount of current
losses or capital losses; year credit. Finally, you may not use this code to reduce
• No personal exemption is permitted; composite tax for credits that did not flow through from the
• No deduction is allowed for charitable contributions allowed corporation.
or allowable pursuant to IRC Section 170; • Code 03 - Employee Stock Ownership Plan Enter this code if
• No credit is permitted for taxes paid to other states; the shareholder is an employee stock option plan (ESOP).
• No credit carryovers are permitted (except for those on • Code 04 - Income offset by previously disallowed deductions.
Schedule IN-OCC); and If:
• All other credits that flow through to shareholders on a pro ο a shareholder is determined to have zero basis on their
rata basis are limited to the shareholder’s state income tax share of the corporations stock, and
liability. See the list of Pass-through Tax Credits for more ο the shareholder has deductions that were disallowed
information. because the shareholder had zero basis,
the share of income subject to tax can be reduced by the
An S corporation filing a composite return is liable not only for newly-allowed Indiana deductions and the tax recomputed
the tax shown on the return. It is also liable for any additional after the newly-allowed deductions.
tax, interest, and penalty as a result of a subsequent audit or • Code 09 - Treaty-based exclusion. If a shareholder is subject
examination. The S corporation should send a copy of the general to a treaty-based exception from federal income tax, the
Indiana filing requirements to each nonresident shareholder. scope of the treaty includes the income derived from the
corporation, and the corporation has knowledge of the
Instructions for Completing Schedule Composite shareholder’s exemption, enter this code for the shareholder.
List the name of each nonresident shareholder. Subject to the • Code 10 - Passive activity losses. Enter this code if the
limitations and conditions specified in the filing requirements, shareholder has passive income from the corporation that is
separately compute the state tax liabilities on the composite return offset by previously-disallowed passive losses. Do not reduce
attributable to each nonresident shareholder. Shareholders who the income subject to tax by more than the passive loss
have a negative distributive share after modifications should enter reported as previously disallowed.
0 as the amount to be withheld. • Code 11 - Net operating losses. Enter this code if the shareholder
has an Indiana net operating loss carryforward that can offset
Note. The name of all nonresident individuals of reverse credit the income in whole or in part. Do not reduce the income
agreement states who are subject to and pay income taxes at rates subject to tax by more than the net operating loss reported.
equal to or greater than Indiana’s individual income tax rate to the • Code 12 - Credits from other sources. Enter this code if the
shareholder indicates one or more credits that would reduce
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the tax liability. These should be either a carryforward credit Note. A federal Schedule K-1 for each shareholder is not required
regardless of source or a credit from a source other than the to be enclosed but must be made available for inspection upon
corporation. Do not enter a credit used to reduce tax using request by DOR. If there are any questions, please visit www.
Code 02. In addition, the tax cannot be reduced by more than in.gov/dor for additional information.
the credits reported by the shareholder.
• Code 14 - Entity has multiple tiers. If the corporation is
part of a multi-tiered structure and has obtained written
Instructions for Schedule IN K-1
department consent for an alternative withholding Enclose each shareholder’s Schedule IN K-1 with Form IT-20S.
arrangement, enter this code. The written consent of the Also, provide a completed copy of Schedule IN K-1 to each
department must be attached or otherwise made available shareholder.
upon department request.
• Code 15 - Shareholder is an Indiana resident. Enter this code Beginning with tax years ending after Dec. 31, 2019, a taxpayer
if the shareholder is an Indiana resident and tax is reported as that is required to file 25 or more Schedule IN K-1s must file
being withheld on behalf of the shareholder. This withholding the Schedule IN K-1s in an electronic format. This means that
can occur directly or indirectly, such as withholding in a filing the IT-20S return with accompanying IN K-1s must be
tiered pass through structure. done through modernized e-file (MeF). For taxpayers filing on a
calendar year basis, this electronic filing requirement began with
Column B. Enter the 2-character state of residency for each tax year 2020.
nonresident listed.
Part 1 – Shareholder’s Identification Section
Column C. Enter the Indiana adjusted gross income from Complete Schedule IN K-1 to identify each shareholder.
Schedule IN K-1, Part 4, line 9.
Line 1. Enter the name of the shareholder (individual, entity, trust
Column D. State Tax. Multiply the adjusted gross income by .0323. name, etc.).
Column E. Enter the income subject to county tax from Schedule Line 2. Enter the shareholder’s Social Security number if an
IN K-1, Part 1, line 12. individual or the shareholder’s federal employer identification
number if the shareholder is another entity.
Column F. Multiply the amount in Column E by the county tax
rate associated with the county reported on Schedule IN K-1, line Line 3. Enter the applicable pro rata percentage of the
7. This rate is listed on Schedule CT-40PNR, which is located at shareholder’s interest in the S corporation. The percentage should
www.in.gov/dor/tax-forms/2022-individual-income-tax-forms. be adjusted to an annual rate if necessary.
Notwithstanding any other requirement, a nonresident individual Line 4a and b. Not applicable.
who is subject to Indiana county income tax on Schedule Composite
(Column F) is required to file a nonresident individual income tax Line 5. List the type of entity of the partner for whom you are
return, Form IT-40PNR, to report all sources of Indiana income. issuing the Schedule IN K-1.
Note. If the nonresident owner is also employed by the business, Line 6. Enter the shareholder’s state of residence or commercial
the business shall use the county reported on the owner/employee’s domicile.
WH-4 to determine whether or where withholding is required.
Line 7. If shareholder was an Indiana nonresident individual on
Example. Individual X, a nonresident of Indiana, is a 50% owner Jan. 1, 2022, and worked in Indiana as of Jan. 1, 2022, then enter
of a business that operates in St. Joseph County and Elkhart the individual’s 2-digit county of employment in this box. You
County. Individual X works at the business’s St. Joseph County may get the 2-digit code number from Departmental Notice #1,
location. The business has $200,000 in Indiana adjusted gross located at www.in.gov/dor/files/reference/dn01.pdf.
income, with 60% of the receipts derived from St. Joseph County
and 40% from Elkhart County. Of Individual X’s $100,000 Line 8. Enter the name of the entity that remitted actual payment
income, $60,000 ($100,000 x 60%) from St. Joseph County is of the withholding.
subject to county income tax and withholding and the remaining
$40,000 from Elkhart County is not subject to county income tax. Line 9. Enter the FEIN of the paying entity. Note: Do not obscure
any digits when entering the FEIN.
Get Income Tax Information Bulletin #72 at www.in.gov/dor/files/
reference/ib72.pdf for additional information. Line 10. Enter the amount of distributive share. This amount
should include all Indiana add-backs and deductions.
Column G. Add the amounts from Columns D and F.
Line 11. Enter the amount of Indiana state tax withheld. This
Enter the amount from Schedule Composite, line 15G, on Form amount should only include payments made into the corporate
IT-20S, line 15. account and withholding amounts passed through by another entity.
IT-20S S Corporation Booklet 2022 Page 17
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Line 12. Indiana adjusted gross income subject to county tax. 3- or 4-
County tax must be calculated on nonresident individual owners Credit Name Amount
Digit Code
if two conditions are met for that owner.
• First, the nonresident individual must have a principal place Hoosier Business Investment Credit –
1820 $400
of employment or business (e.g., self-employment) in an Composite
Indiana county as of January 1 of the taxable year. Hoosier Business Investment Credit 820 $300
• Second, the business must have income from the individual’s
county of principal employment or business during that year.
If a business has income from more than one Indiana county, If the shareholder/partner has other taxable Indiana-source
only the portion derived from the individual’s county of income, Form IT-40PNR, reporting all Indiana-source income
principal employment or business is subject to Indiana county (including the income taxed on the composite return) should be
income tax. To determine what portion of the income is filed. When completing the IN-OCC, the shareholder/partner
derived from a county, the business shall apportion its Indiana will be able to use up to $700 of the HBI credit, using the amount
adjusted gross income across counties based on the receipts associated with the 4-digit number first. For example, if the
derived from each county. total state tax liability is $500, “HBI 1820 $400” will be listed on
Schedule IN-OCC, and the remaining amount is then reported
Notwithstanding any other requirement, a nonresident individual as needed as “HBI 820 $100.” A 3-digit code 820 in the amount of
who is subject to Indiana county income tax on Schedule Composite $200 remaining will be available to carryforward.
(Column D) is required to file a nonresident individual income tax
return, Form IT-40PNR, to report all sources of Indiana income. Credits reported on Part 2 of Schedule IN K-1 that are used to
offset tax liabilities will be reported on the following lines:
Line 13. Enter the amount of Indiana county tax withheld. • Any credits not requiring an IN-EDGE, IN-EDGE-R, or
IN-OCC schedule will be reported on line 19
Part 2 – Pro Rata Share of Indiana Pass-through • EDGE credit code 839 will be reported on line 20
Tax Credits from S Corporation • EDGE-R credit code 857 will be reported on line 21
If the S corporation has available any eligible Indiana credits • IN-OCC credit codes 818, 820, 835, 849, 858, 860, 863, 865,
flowing through to the shareholders, enter the following: 867, 868, 869, 1818, 1820, 1835, 1849, 1858, 1860, 1863, 1865,
• FEIN number from the entity that the credit was awarded to. 1867, 1868, and 1869 will be reported on line 22
If the credit is passed through from another entity enter the
FEIN from Schedule IN K-1; Part 3 – Distributive Share Amount
• The credit’s certification year; Complete lines 1 through 13 for the shareholder. Also provide the
• For credit codes 818, 820, 835, 849, 858, 860, 863, 865, 867, 868, shareholder with a statement showing the distributive share of
869, 1818, 1820, 1835, 1849, 1858, 1860, 1863, 1865, 1867, 1868, income, credits, and modifications.
and 1869, the credit’s certification, project, or PIN number;
• The credit’s 3- or 4-digit credit code; and Line 1 through line 13b. For full-year Indiana resident
• The pro rata amount of credits allotted to each shareholder. shareholders, complete these lines as shown on the federal
Schedule K-1, Form 1120S.
A completed Schedule IN-OCC (credit schedule) must be
enclosed with Form IT-20S to support the credit distribution for For most nonresident shareholders, the federal Schedule K-1
certified credits; otherwise, the credits will be denied. amounts should be multiplied by the Indiana apportionment
percentage. This is calculated on the Schedule E (see the
See the descriptive list of pass-through tax credits that may be instructions beginning on page 14). The apportioned amounts
available to a pass-through entity on page 19. Each credit should be entered on lines 1 through 13b. If any entries on lines
is assigned a 3- or 4-digit code number. This should be used 2 through 11 represent nonbusiness income to the S corporation,
for identification purposes when reporting and claiming these these amounts are allocated to the appropriate state.
credits. For more information, see Income Tax Information
Bulletin #59 available at www.in.gov/dor/files/reference/ib59.pdf. Line 4. “Guaranteed payments” is for those filing an IT-65. Leave
this line blank.
Note. The 3-digit codes utilized on behalf of each shareholder
on the IN-OCC towards composite tax should be reflected as a Line 6. “Ordinary dividends” corresponds to line 5a on the federal
4-digit codes on Part 2 of Schedule IN K-1. Any pro rata portion K-1. Line 9, “Net long-term capital gain (loss),” corresponds to
of the shareholder’s credit above the 4-digit amount previously line 8a on the federal K-1.
utilized towards composite tax should be reported on Part 2 of
Schedule IN K-1 as a 3-digit code and the remaining amount On line 13a or 13b, include investment interest expenses
reflected in the amount claimed column. attributed to royalty income and all other federal deductions.
(This excludes those treated as itemized deductions.) Do not
Example. Company A used $400 of the shareholder/partner’s $700 report any other type of investment interest expense, itemized
total Hoosier Business Investment Credit to offset the tax liability on deduction, or carryover loss on this line.
the composite filing. The shareholder/partner has $300 remaining
credit. Schedule IN K-1 will breakdown the credit as follows:
Page 18 IT-20S S Corporation Booklet 2022
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Note. If the corporation has received any distributions from other the proper, completed tax credit form with the corporation’s
entities having income previously apportioned to Indiana, use the return. The shareholders can claim the allowable portion of
following method to report distributive share income for Schedule Indiana credits on the respective annual income tax returns:
IN K-1. Form IT-40, IT-40PNR, or IT-41.
Alternative Completion of Schedule IN K-1 Caution. Within a certain group of credits, a taxpayer may not
Information for Part 3 be granted more than one credit for the same project. The credits
An alternative application of Schedule IN K-1 must be used if: included for this group are as follows:
• A shareholder is a nonresident individual, fiduciary, or trust; • Community Revitalization Enhancement District Credit;
and • Enterprise Zone Investment Cost Credit;
• The corporation had income from outside Indiana. • Hoosier Business Investment Credit;
• Industrial Recovery Credit; And
Use the following method for completing Schedule IN K-1 • Venture Capital Investment Credit.
when the corporation had any apportioned income from
outside Indiana or is otherwise required to complete the Indiana Apply this restriction first when figuring allowable credits. See
apportionment schedule. Income Tax Information Bulletin #59 at www.in.gov/dor/files/
reference/ib59.pdf.
Modify each required Schedule IN K-1 line entry by recalculating
the pro rata share of total S corporation income with required Order of Credit Application
Indiana modifications to adjusted gross income reported on If claiming more than one credit, first use the credits that cannot
line 1 of Form IT-20S. Use the pro rata amount from line be carried over and applied against the state adjusted gross
13A, Worksheet for S Corporation Distributive Share Income, income (AGI) tax in another year. Next, use the credits that can
Deductions, and Credits (worksheet), by applying these steps: be carried over for a limited number of years and applied against
the state AGI tax. If one or more credits are available, apply the
Step 1. Deduct from the above pro rata share the respective pro credits in the order that the credits would expire. Finally, use the
rata amount of line 13B and line 14B of the worksheet. credits that can be carried over and applied against the state AGI
tax in another year.
Step 2. Multiply the result by the Indiana apportionment
percent reported on line 4 of Form IT-20S, from Schedule E, Example. A taxpayer has a neighborhood assistance credit for
line 8, if present. This amount should reflect the shareholder’s which no carryover is available, a school scholarship credit that
proportionate share of this S corporation’s activity in Indiana. can be carried forward to 2023, and a community revitalization
enhancement district credit with an indefinite carryforward
Step 3. Add to the previous amount the pro rata share of any period. The taxpayer would apply the credits in the following
other (entity) source income received by the corporation that was order until the credit is exhausted or the taxpayer’s liability is
previously apportioned or allocated as distributive share income reduced to zero, whichever comes first:
derived from Indiana (line 15C of the worksheet). The result is • Neighborhood assistance credit
the modified Indiana S corporation income from Indiana sources • School scholarship credit (expiring in 2023)
to be reported on the appropriate lines of Schedule IN K-1 of • Community revitalization enhancement district credit
nonresident individuals, trusts, and estates. (indefinite carryforward period)
Part 4 – State Modifications For more information about Indiana tax credits, see Information
Lines 1-7. Enter the Indiana modifications from Form IT-20S, Bulletin #59 available at www.in.gov/dor/files/reference/ib59.pdf.
lines 2a through 2e (and any additional sheets), as percentage
applied, or apportioned in the case of nonresident individuals. The following credits have each been assigned a 3-digit code
List the pro rata share amount of each modification on the number for identification purposes. Use the code numbers
appropriate line. (Use a minus sign to denote negative amounts.) when reporting and claiming any of these credits. See Income
Tax Information Bulletin #59 available at www.in.gov/dor/files/
Line 8. Enter the total distributive share of modifications. Add reference/ib59.pdf for more information about Indiana tax credits.
lines 1 through 7. Use a minus sign to denote negative amounts.
Carry this total to column B of Schedule Composite. Airport Development Zone Employment Expense
Credit 800
Pass-through Tax Credits This credit has been repealed. However, any previously approved
Each shareholder is allowed a pro rata share of the income tax credits yet unused credit is available to be claimed.
available to the S corporation. If the pass-through entity does not
have a state AGI tax liability (Schedule B tax computation) against Airport Development Zone Investment Cost
which the tax credit must be applied, the shareholders of the pass- Credit 801
through entity are entitled to a pro rata share of the computed credit. This credit has been repealed. However, any previously approved
yet unused credit is available to be claimed.
Each shareholder’s share of an available credit is reported on
Schedule IN K-1, Part 2. It also must be supported by enclosing
IT-20S S Corporation Booklet 2022 Page 19
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Airport Development Zone Loan Interest Any consideration may not exceed the value of the part of the
Credit 802 credit assigned. Both parties must report the assignment on state
This credit has been repealed. However, any previously approved income tax returns for the year of assignment.
yet unused credit is available to be claimed.
Enclose the certification from the IEDC; otherwise, the credit will
Alternative Fuel Vehicle Manufacturer Credit 845 be denied.
This credit has been repealed. However, any previously approved
yet unused credit is available to be claimed. Contact the Indiana Economic Development Corporation at One
North Capitol, Suite 700, Indianapolis, IN, 46204, or visit the
Blended Biodiesel Tax Credits 803 website at www.iedc.in.gov for more information about this credit.
This credit has been repealed. However, any previously approved
yet unused credit is available to be claimed. Economic Development for a Growing Economy
(EDGE) Credit 839
Coal Gasification Technology Investment Tax This credit is for businesses that conduct certain activities designed
Credit 806 to foster job creation in Indiana. It is a refundable tax liability credit.
A credit is available for a qualified investment in an integrated
coal gasification power plant or a fluidized bed combustion Note. Schedule IN-EDGE must be completed and enclosed with
technology that serves Indiana gas utility and electric utility the IT-20S. Otherwise the credit will be denied. A PIN must be
consumers. This can include an investment in a facility located in obtained from the IEDC.
Indiana that converts coal into synthesis gas that can be used as a
substitute for natural gas. Claim this credit on line 19 of the return or Part 2 of the IN K-1.
An application for certification must be filed with the IEDC. If Contact the Indiana Economic Development Corporation at One
the credit is assigned, it must be approved by the utility regulatory North Capitol, Suite 700, Indianapolis, IN 46204, for eligibility
commission and taken in 10 annual installments. The amount of requirements or visit www.iedc.in.gov for additional information.
credit for a coal gasification power plant is 10% of the first $500
million invested and 5 % for any amount over that. The amount of Economic Development for a Growing Economy
credit for a fluidized bed combustion technology is 7% of the first Retention (EDGE-R) Credit 857
$500 million invested and 3% for any amount over that. This credit is for businesses that conduct certain activities designed
to foster job retention in Indiana. It is a refundable tax liability
For more information, contact the Indiana Economic credit.
Development Corporation at One North Capitol, Suite 700,
Indianapolis, IN 46204 or visit the website at www.iedc.in.gov. Note. Schedule IN-EDGE-R must be completed and enclosed
Income Tax Information Bulletin #99 is available at www.in.gov/ with the IT-20S. Otherwise, the credit will be denied. A PIN must
dor/files/reference/ib99.pdf. be obtained from the IEDC.
Enclose the certification from the IEDC; otherwise, the credit will Claim this credit on line 20 of the return or Part 2 of the IN K-1.
be denied.
If claiming the EDGE or EDGE-R credit at both the corporate and
Community Revitalization Enhancement District pass-through levels, the amount of credit claimed may not exceed
Credit 808 the total credit approved for the corporation. When claiming at
A state and local income tax liability credit is available for a the pass-through level, the Schedule IN-EDGE or IN-EDGE-R
qualified investment for the redevelopment or rehabilitation of must be enclosed with the IT-20S return. Contact the Indiana
property within a community revitalization enhancement district. Economic Development Corporation at One North Capitol, Suite
700, Indianapolis, IN 46204, for eligibility requirements or visit
To be eligible for the credit, the intended expenditure plan must www.iedc.in.gov for additional information.
be approved by the Indiana Economic Development Corporation
(IEDC) before the expenditure is made. The credit is equal to 25% Economic Development for a Growing Economy -
of the IEDC-approved qualified investment made by the taxpayer Nonresident Employees (EDGE-NR) 865
during the tax year. DOR has the authority to disallow any credit This credit is for incremental state income tax amounts that would
if the taxpayer: have been withheld on employees from reciprocal states if those
• Ceases existing operations within the district or elsewhere in employees had been subject to Indiana state tax withholding.
Indiana; Owners of pass-through entities such as S corporations,
• Substantially reduces its operations within the district or partnerships, limited liability companies, etc., are eligible for this
elsewhere in Indiana; or credit. Unlike the EDGE and EDGE-R credits, the EDGE-NR
• Reduces other Indiana operations to relocate them into the credit is a non-refundable credit.
district.
This credit is administered by the IEDC. Contact them at One
The taxpayer can assign the credit to a lessee who remains subject North Capitol, Suite 700, Indianapolis, IN 46204, via website at
to the same requirements. The assignment must be in writing. www.iedc.in.gov, or by phone at (317) 232-8800.
Page 20 IT-20S S Corporation Booklet 2022
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The approved credit must be reported on Schedule IN-OCC, indiana-advantages/investments/film-and-media-tax-credit for
found at www.in.gov/dor/tax-forms/2022-individual-income-tax- further information.
forms. Make sure to enclose this schedule with your tax filing. If
you are claiming this credit as an owner of a pass-through entity This credit must be reported on Schedule IN-OCC, found at www.
such as S corporations, partnerships, limited liability companies, in.gov/dor/tax-forms/2022-corporatepartnership-income-tax-
etc., make sure to keep Schedule IN K-1 with your records as forms/. Make sure to enclose this schedule with your tax filing.
DOR can require you to provide this information.
Enclose the certification letter from the IEDC with the return,
Enterprise Zone Employment Expense otherwise the credit will be denied.
Tax Credit 812
This credit is available for employers based on qualified investments Foster Care Donations Credit 867
made within Indiana. It is the lesser of 10% of qualifying wages Effective starting in taxable year 2022, a credit for donations
or $1,500 per qualified employee, up to the amount of tax liability to qualifying foster care organizations is available. The credit
on income derived from an active enterprise zone. Enclose the is 50% of the donation made to qualifying organizations, up to
completed Schedule EZ 2 with Form IT-20S return, otherwise the a maximum of $10,000 per taxable year. In addition, no more
credit will be denied. than $2,000,000 in credits can be awarded during a state fiscal
year. See www.in.gov/dor/tax-forms/foster-care-credit-donation-
See Indiana Schedule EZ Parts 1, 2, and 3 available at www.in.gov/ information/ for further information regarding the application
dor/tax-forms/enterprise-zone-forms/ for more information and approval process.
about how to calculate this credit.
This credit must be reported on Schedule IN-OCC, found at www.
Enterprise Zone Investment Cost Credit 813 in.gov/dor/tax-forms/2022-corporatepartnership-income-tax-
This credit has been repealed. However, any previously approved forms/. Make sure to enclose this schedule with your tax filing.
yet unused credit is available to be claimed. For additional
information, contact the Indiana Economic Development Enclose the approval letter from the Department of Revenue with
Corporation, One North Capitol, Suite 700, Indianapolis, IN the return, otherwise the credit will be denied.
46204 or visit their website at www.iedc.in.gov.
Headquarters Relocation Credit – Offset 818 &/or
Enterprise Zone Loan Interest Tax Credit 814 Refundable
This credit can be for up to 5% of the interest received from all A business may be eligible for a credit if it meets one of two sets
qualified loans made during a tax year for use in an active Indiana of criteria. The first set of criteria (“first test”) is that the business
enterprise zone. meets all of the following:
• Has an annual worldwide revenue of $50 million;
See Income Tax Information Bulletin #66 available at www. • Has at least 75 Indiana employees (for credits awarded before
in.gov/dor/files/reference/ib66.pdf and Indiana Schedule LIC July 1, 2022); and
available at www.in.gov/dor/tax-forms/enterprise-zone-forms/ for • Relocates its corporate headquarters to Indiana.
more information about how to calculate this credit. Enclose the
completed enterprise zone Schedule LIC with the Form IT-20S The second set of criteria (“second test”) is that the business meets
return. For more information, contact the Indiana Economic either (1) or (2), meets (3), and meets (4) or (5):
Development Corporation, One North Capitol, Suite 700, 1. Received at least $4 million in venture capital in the six
Indianapolis, IN, 46204. Call IEDC at (317) 232-8800 or visit months immediately preceding the business’s application for
www.iedc.in.gov. this tax credit.
2. Closes on at least $4,000,000 in venture capital not more than
Enclose the certification from the IEDC; otherwise, the credit will six months after submitting the business’s application for this
be denied. tax credit.
3. Has at least 10 Indiana employees (for credits awarded before
Ethanol Production Tax Credit 815 July 1, 2022).
This credit has been repealed. However, any previously approved 4. Relocates its corporate headquarters to Indiana.
yet unused credit is available to be claimed. 5. Relocates the number of jobs equal to 80% of the business’s
total payroll during the immediately preceding quarter to an
Film and Media Production Tax Credit 869 Indiana location.
Effective July 1, 2022, a credit is available for expenses incurred
for qualified film and media production expenses. The amount Important. While both the entity and the owners may be eligible
of the taxpayer’s credit is equal to the taxpayer’s qualified film to claim an offset credit (818), only the owners are eligible to
and media production expenses multiplied by a percentage claim their share of any refundable credit if the IEDC has granted
determined by the Indiana Economic Development Corporation, a refundable credit under the second test above.
but not more than 30% of the expenses.
The credit may be as much as 50% of the cost incurred in
Note. Certification for this credit must be obtained from the relocating the taxpayer’s headquarters. For more information
Indiana Economic Development Corporation. See iedc.in.gov/ (including limitations on the credit and the application process),
IT-20S S Corporation Booklet 2022 Page 21
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see Income Tax Information Bulletin #97, available at www. will be denied. This credit must be claimed on Schedule IN-OCC.
in.gov/dor/files/reference/ib97.pdf. Enclose Schedule IN-OCC to claim this credit; otherwise, the
credit will be denied.
Beginning with the 2022 tax year, this credit must be reported on
Schedule IN-OCC, found at www.in.gov/dor/tax-forms/2022- Indiana Research Expense Tax Credit 822
corporatepartnership-income-tax-forms. Make sure to enclose Indiana has a research expense credit that is similar to the federal
this schedule with your tax filing. credit (Form 6765) for increasing research activities in Indiana.
Compute the credit using Schedule IT-20REC. If claiming a current
This credit is administered by the IEDC. Contact them at One year credit, make sure to check the corresponding box on Form
North Capitol, Suite 700, Indianapolis, IN 46204, via website at IT-20S, question V. To claim a portion of a prior-year Indiana
www.iedc.in.gov, or by phone at (317) 232-8800. Research Expense Credit, please include Schedule IT-20REC from
the prior-year’s credit being utilized along with a schedule reflecting
Submit a copy of the letter from the IEDC which: the utilization of the prior-year credit up to this point.
• verifies the amount of tax credit for the taxable year, and
• designates the amount of credit that is refundable (if any). Note. Current-year credits must be used first, then prior-year
credits may be applied.
Enter code 818 on Schedule IN K-1 to designate any offset
portion of this credit. Do not enter any 3-digit code number when Schedule IT-20 REC available at www.in.gov/dor/tax-forms/2022-
reporting a refundable amount on the schedule. corporatepartnership-income-tax-forms, must be completed and
enclosed with the return to claim this credit; otherwise, the credit
Maintain with your records proof of the relocation costs as well will be denied. For more information, visit www.in.gov/dor. Filers
as proof of employment of the minimum number of employees claiming the research expense credit should keep documentation
in Indiana and, if applicable, payroll in both Indiana and supporting the credit in a usable form.
everywhere, as DOR may request this information at a later date.
Important. Make sure to check Box V on Form IT-20S if claiming
Historic Building Rehabilitation Tax Credit 819 this credit.
This credit has been repealed. However, any previously approved
yet unused credit is available to be claimed. Individual Development Account Tax Credit 823
A credit is available for contributions made to a community
Hoosier Business Investment Tax Credit 820 development corporation participating in an Individual
This credit is for qualified investments, including costs associated Development Account (IDA) program. The IDA program is
with the following: designed to assist qualifying low-income residents in accumulating
• Constructing special-purpose buildings and foundations; savings and building personal finance skills. The organization must
• Making onsite infrastructure improvements; have an approved program number from the Indiana Housing and
• Modernizing existing equipment; Community Development Authority (IHCDA) for a contribution
• Purchasing equipment used to make motion pictures or to qualify for preapproval. The credit is equal to 50% of the
audio production; contribution, which must be between $100 and $50,000.
• Purchasing or constructing new equipment directly related to
expanding the workforce in Indiana; Applications for the credit are filed through the IHCDA. To request
• Retooling existing machinery and equipment; more information about this credit, contact the Indiana Housing
• Purchasing retooled or refurbished machinery; and Community Development Authority at 30 S. Meridian St., Suite
• Constructing or modernizing transportation or logistical 1000, Indianapolis, IN 46204 or (317) 232-7777.
distribution facilities;
• Improving the transportation of goods via highway, rail, air, Keep any approval certification or letter of credit assignment with
or water; your records as DOR can require you to provide this information
• Improving warehousing and logistical capabilities; at a later date.
• Purchasing new pollution control, energy conservation, or
renewable energy generation equipment; and Industrial Recovery Credit 824
• Purchasing new on site digital manufacturing equipment. This credit is based on a taxpayer’s qualified investment in a vacant
industrial facility located in a designated industrial recovery site.
It does not include property that can be readily moved out of If the Indiana Economic Development Corporation approves the
Indiana. application and the plan for rehabilitation, you are entitled to a
credit based on the “qualified investment.” The minimum age for a
This credit is administered by the IEDC at One North Capitol, Suite facility to be eligible for this credit has been reduced from 20 years
700, Indianapolis, IN, 46204. Visit www.iedc.in.gov or call (317) to 15 years. This credit is available to pass-through entities such as
233-3638 for more information. Also, see Income Tax Information S corporations, partnerships, limited liability companies, etc.
Bulletin #95 available at www.in.gov/dor/files/reference/ib95.pdf.
Note. Effective July 1, 2019, except for in situations described in
Submit a copy of the IEDC certificate verifying the amount of tax the next sentence, a taxpayer is entitled to receive this credit only
credit for the taxable year with the return, otherwise the credit for a qualified investment made before January 1, 2020.
Page 22 IT-20S S Corporation Booklet 2022
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A taxpayer is entitled to receive a credit for a qualified investment IN, 46204. Visit the IEDC website at www.iedc.in.gov or call (317)
made after December 31, 2019, and before January 1, 2030, if the 232-8800 for additional information.
taxpayer is awarded a credit under:
• an application approved by the Indiana Economic The approved credit must be reported on Schedule IN-OCC,
Development Corporation (IEDC) before January 1, 2020; or found at www.in.gov/dor/tax-forms/2022-individual-income-tax-
• an agreement entered into by the taxpayer and IEDC before forms. Make sure to enclose this schedule with your tax filing.
January 1, 2021.
Riverboat Building Credit 832
Important. Any unused credit existing before Jan. 01, 2020, is still This credit has been repealed. However, any previously approved
eligible for carryforward for an unlimited number of years. yet unused credit is available to be claimed.
For additional information regarding procedures for obtaining this School Scholarship Credit 849
credit, contact the Indiana Economic Development Corporation, A credit is available for contributions to school scholarship
One North Capitol, Suite 700, Indianapolis, IN 46204, call (317) programs. A taxpayer that makes a qualifying contribution to a
232-8800, or visit their website at www.iedc.in.gov. scholarship granting organization (SGO) is entitled to a credit
against the state tax liability in the taxable year in which the
Military Base Investment Cost Credit 826 contribution is made. The amount of a taxpayer’s credit is equal
This credit has been repealed. However, any previously approved to 50% of the amount of the contribution made to the SGO for a
yet unused credit is available to be claimed. school scholarship program. In some cases, the department may
round the credit down to the nearest dollar if the department
Military Base Recovery Credit 827 receives information that the credit should be the amount as
This credit has been repealed. However, any previously approved rounded down. Effective Jan. 1, 2013, this credit can now be
yet unused credit is available to be claimed. carried forward for nine years after the unused credit year.
Natural Gas Commercial Vehicle Credit 858 To qualify for the credit, the taxpayer must:
This credit has sunset. However, any previously approved yet • Make a contribution to a scholarship granting organization that
unused credit is available to be claimed. is certified by the Department of Education under IC 20-51;
• Make the contribution directly to the SGO;
This carryforward credit is available to pass-through entities, such • Designate in writing to the SGO that the contribution is to be
as members of partnerships and S corporations. used solely for a school scholarship program or have written
confirmation from the SGO that the contribution will be used
The carryforward portion of the previously approved credit must solely for a school scholarship program.
be reported on Schedule IN-OCC, found at www.in.gov/dor/tax-
forms/2022-corporatepartnership-income-tax-forms. Make sure to Although there are no limits on the size of a qualifying
enclose this schedule with your tax filing. If you are claiming this contribution to an SGO, the entire tax credit program has a limit
credit as a pass-through entity, make sure to keep Schedule IN K-1 of $18.5 million in credits per state fiscal year of July 1, 2022
with your records as DOR can require you to provide this information. through June 30, 2023.
Neighborhood Assistance Tax Credit 828 Enclose Schedule IN-OCC to claim this credit; otherwise, the
If a contribution is made to the Neighborhood Assistance Program credit will be denied.
or activities were engaged in to upgrade areas in Indiana, a credit for
this assistance may be available. Effective July 1, 2014, contributions Venture Capital Investment Tax Credit 835
to organizations that provide services to individuals who are A taxpayer that provides qualified investment capital to a qualified
ex-offenders are also eligible for this credit. Contact the Indiana Indiana business may be eligible for this credit. Certification
Housing and Community Development Authority, Neighborhood for this credit must be obtained from the Indiana Economic
Assistance Program, 30 S. Meridian St., Suite 1000, Indianapolis, Development Corporation Development Finance Office, VCI
IN 46204, for more information. Call (317) 232-7777 within Credit Program, One North Capitol, Suite 700, Indianapolis, IN
Indianapolis or (800) 872-0371 outside of Indianapolis. 46204, telephone number (317) 232-8827, or visit www.iedc.in.gov.
New Employer Credit 850 Beginning with the 2020 tax year, this credit must be reported on
This credit has been repealed. However, any previously approved Schedule IN-OCC, found at www.in.gov/dor/tax-forms/2022-
yet unused credit is available to be claimed. corporatepartnership-income-tax-forms. Make sure to enclose this
schedule with your tax filing. If you are claiming this credit as an
Redevelopment Tax Credit 863 owner of a pass-through entity, such as an S corporation, limited
You may be eligible for a credit if you make a qualified investment liability company, etc., make sure to keep Schedule IN K-1 with
for the redevelopment or rehabilitation of real property located your records as DOR can require you to provide this information.
within a qualified redevelopment site.
Also, see the Restriction for Certain Tax Credits - Limited to
This credit is administered by the Indiana Economic Development One per Project below.
Corporation (IEDC), One North Capitol, Suite 700, Indianapolis,
IT-20S S Corporation Booklet 2022 Page 23
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New reporting requirement. Enclose Schedule IN-OCC to claim
this credit; otherwise, the credit will be denied
Additional Information
Venture Capital Investment Credit – Qualified Shareholders’ Liability and Filing Requirements
Indiana Investment Fund 868 A shareholder’s share of profit or loss from an S corporation
A taxpayer who provides qualified investment capital (either debt is included in the shareholder’s calculation of federal AGI. It
or equity capital) to a qualified Indiana investment fund may be is generally subject to the same rules for arriving at Indiana
eligible for this credit. AGI. Therefore, a shareholder’s distributive share, before any
modifications required by Indiana statutes, is the same ratio
Note. Certification for this credit must be obtained from the and amount as determined under IRC Section 1361 and its
Indiana Economic Development Corporation, Development prescribed regulations. The shareholders include their shares of
Finance Office, VCI Credit Program, One North Capitol, Suite all S corporation income, whether distributed or undistributed,
700, Indianapolis, IN 46204. on separate Indiana income tax returns. Each shareholder’s
distributive share of the S corporation’s income is adjusted by
This credit must be reported on Schedule IN-OCC, found at www. modifications provided for in IC 6-3-1-3.5(a) or (b).
in.gov/dor/tax-forms/2022-corporatepartnership-income-tax-
forms/. Make sure to enclose this schedule with your tax filing. Individual Shareholders
Residents. A resident shareholder reports the entire distributive
Apply online through the IEDC’s website at www.iedc.in.gov or share of S corporation income (loss) as adjusted, no matter where
call (317) 232-8800 for more information. the S corporation’s business is located or in which state(s) it does
business. Form IT-40 (Indiana Individual Income Tax Return)
Enclose the certification letter from the IEDC with the return, should be completed by each individual shareholder.
otherwise the credit will be denied. Do not claim this credit before
July 1, 2023. Nonresidents. The nonresident individual shareholder will be
included on Schedule Composite and have amounts withheld
Restriction for Certain Tax Credits - Limited to on the distributive share of income. Schedule IN K-1 must be
One Per Project attached to the individual income tax return to support the pass-
A taxpayer may not be granted more than one credit for the through of income, modifications, credits, and withholding. The
same project. The credits that are included are the alternative shareholder must claim credit on Form IT-40PNR by enclosing
fuel vehicle manufacturer credit, community revitalization Schedule IN K-1 for amounts withheld by the S corporation from
enhancement district credit, enterprise zone investment cost the shareholder’s distributive share of income.
credit, Hoosier business investment credit, industrial recovery
credit, and the venture capital investment credit. Important:
• Full-year nonresident shareholders are exempt from filing an
individual income tax return if:
Reminders ο all Indiana income is reported on the composite return
• Complete the S corporation’s identification section. schedule,
• List the two-digit code of the Indiana county; enter “00” (two ο the shareholder did not file a Schedule IN-COMPA, and
zeroes) in the county box to indicate an out-of-state business ο no county tax was withheld* on Schedule Composite,
operation. Column F.
• S corporations filing on a fiscal-year basis must enter the tax
year’s beginning and ending dates. *If county tax was withheld, the nonresident must file Form IT-
• A composite return must be filed on Schedule Composite. 40PNR.
• Enclose Schedule E-Apportionment of Income, if applicable.
• Enclose copies of the first five pages of the U.S. Income Tax Nonresident shareholders with other Indiana-source income or
Return for an S Corporation, Form 1120S and Schedule M-3. who wish to benefit from other deductions or credits not available
• If the corporation’s name has changed, check the appropriate on a composite return should file Form IT-40PNR.
box at the top of the return. Enclose with the return copies of
the amended Articles of Incorporation filed with the Indiana • Part-year nonresident shareholders must file Form IT-40PNR
Secretary of State. to report:
ο The total amount of income (loss) received while
residing in Indiana;
ο That part of Indiana source income received while a
nonresident; and
ο Apportioned Indiana income (loss), as modified,
received by a nonresident of Indiana.
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Note. Passive losses may not exceed the limits imposed by Using the single-factor apportionment formula for periods
IRC Section 469. Also, losses may not exceed the shareholder’s beginning after Dec. 31, 2010, XYZ, Inc., determines its
investment. See IRC Section 1367. apportionment percentage as follows:
Indiana sales/receipts $5000.00
Other Shareholders Divide by everywhere sales/receipts /41667.00
Other shareholders that are trusts or estates will be included Equals .1200
on the Schedule Composite and have amounts withheld on the Multiply by 100 x 100
distributive share of income. Schedule IN K-1 will be used to Equals Indiana apportionment percentage 12.00%
document the withholding tax paid on behalf of the shareholder.
The shareholder must claim credit for withholding by enclosing Computations for Taxpayers A and B:
Schedule IN K-1 to report distributive shares of the S corporation Taxpayer A, as a resident of Indiana, must report his own
income (loss) on Form IT-41. entire share of S corporation income to Indiana regardless of
whether the S corporation apportions its income. As a general
All distributions are fully taxable for income tax purposes. For rule, if Taxpayer A pays tax to another state (on a portion of
adjusted gross income, taxable S corporation income includes pro S corporation income), Taxpayer A can take a credit on his
rata Indiana modifications. However, losses may not exceed the individual return.
limits imposed by IRC Sections 469 and 1367.
Indiana adjusted S corporation income for Taxpayer A is
Shareholders doing business both within and outside Indiana must computed as follows:
also determine taxable income from Indiana sources by using the S corporation income $65,000
allocation and apportionment provisions contained in IC 6-3-2-2(b)- Distributive share (50% x $65,000)
(h). See Schedule E (apportionment) for more information. Business Indiana adjusted distributive $32,500
income, including all S corporation income, apportioned to Indiana share of income
plus nonbusiness income allocated to Indiana (plus modifications
required by IC 6-3-1-3.5(a) for adjusted gross income tax) equals the Taxpayer B, as a nonresident of Indiana, reports only her own
shareholder’s net taxable income for Indiana tax purposes. share of S corporation income apportioned to Indiana. As a
general rule, if Taxpayer B is required to pay tax to another state
Basis of Stock in an S Corporation on a portion of her income from XYZ, Inc., Taxpayer B cannot
For Indiana income tax purposes, the basis of the shareholder’s take a credit on her Indiana return. She must claim it from her
stock in an S corporation is the same as its basis for federal state of residence.
income tax purposes with the exception of an S corporation’s
basis in property subject to the historical rehabilitation credit. Indiana adjusted S corporation income for Taxpayer B is
Shareholders of S corporations must maintain basis schedules and computed as follows:
make them available to DOR upon request. S corporation income $65,000
Distributive share (50% x 65,000) $32,500
Indiana S Corporation Income for Individual Multiply by apportionment percentage x 12%
Shareholders Apportioned Indiana distributive $3,900
share of income
Example:
Taxpayer A is a resident of Indiana and has a 50% stock interest Utility Receipts Tax
in XYZ, Inc. XYZ is an Indiana S corporation doing business A Utility Receipts Tax (Form URT-1) was imposed on the taxable
both within and outside Indiana. Taxpayer B is a nonresident of receipts from the retail sale of utility services, For taxable receipts
Indiana but also has a 50% stock interest in XYZ, Inc. received after June 30, 2022, the Utility Receipts Tax no longer
applies. However, a taxpayer subject to Utility Receipts Tax must
XYZ’s income from operations is $530,000, and its expenses file a return to report taxable receipts and tax for receipts that the
are $500,000. Of these expenses, $35,000 is an expense for state taxpayer received before July 1, 2022. Gross receipts are defined
income tax. as the value received for the retail sale of utility services. Utility
services subject to tax include:
Computations for XYZ, Inc.: • Electric energy;
XYZ computes its adjusted S corporation income as follows: • Natural gas;
Income from operations $530,000 • Water;
Expenses -500,000 • Steam;
Add-back modifications + 35,000 • Sewage; and
S corporation income $65,000 • Telecommunications.
If an S corporation has more than $1,000 in gross receipts from the sale
of utility services, it might be required to file Form URT-1 in addition
to Form IT-20S. For more information, get General Tax Information
Bulletin #201 at www.in.gov/dor/files/reference/gb201.pdf.
IT-20S S Corporation Booklet 2022 Page 25
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| Utility Services Use Tax An excise tax known as the utility services use tax is imposed on the retail consumption of utility services in Indiana where the utility receipts tax is not paid by the utility providing the service. The utility services use tax does not apply for billings issued after June 30, 2022. A taxpayer may be liable for this tax if: • the taxpayer purchased utility services from outside Indiana (or anywhere, if for resale); and • the taxpayer is the end user in Indiana of any part of the purchase. The person who consumes the utility service is liable for the utility services use tax based on the price of the purchase. Unless the seller of the utility service is registered with DOR to collect the utility services use tax on behalf, the person who consumes the utility must remit this tax on Form USU-103. For more information, see General Tax Information Bulletin #202 available at www.in.gov/dor/files/reference/gb202.pdf. Page 26 IT-20S S Corporation Booklet 2022 |
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