Who Should File Form IT-20X
is form should be led by a corporation amending a previously led Indiana
Corporation Income Tax Return. To amend a previously led Form IT-65,
IT-20S, FIT-20, IT-20NP, or URT-1, a corrected copy of the original form must
be led with the amended check box marked at the top of the form.
If this form is being led as a result of a Federal Revenue Agent's Report
(RAR), the change must be documented by attaching copies of the RAR and the
appropriate federal forms within 120 days of such change. If an audit has been
conducted, copies of the audit report should also be enclosed. Payment of any
balance due, plus interest, must accompany the amended return.
Indiana Code (IC) 6-3-4-6 requires taxpayers to notify the department within
180 days of any modication made to a federal income tax return.
Under IC 6-8.1-9-1, a taxpayer has 180 days from the date of modication by
the Internal Revenue Service to le a claim for refund with the department. Any
overpayment resulting from modication of federal income tax liability must
be claimed within the latter of 3 years from the due date of the return, 3 years
from the date of payment, or within 180 days of notication of change by the
Internal Revenue Service.
Copies of all federal waivers that apply to your amended return must be
enclosed. An agreement with the department to extend the statute of limitations
for assessment also extends the period for ling a claim for refund.
Completing the Form
Taxpayers should refer to the instructions for the corporation income tax
return, and related schedules, of the tax year being amended. You can get
copies of certain prior-year returns by contacting the department or by visiting
www.in.gov/dor/taxforms.
Place your 9-digit federal ID number in the box in the upper-right corner of
the form. Next, enter your assigned Indiana taxpayer identication number.
Complete all other applicable questions.
Corporations must attach a corrected (amended) copy of the original Form
IT-20, including corrected supporting forms/schedules, to support this claim.
Part I - Summary of Tax Calculations
Complete lines 1 through 8 of columns A, B, and C. Use the original
IT-20 Fiscal return format computation if amending for a 2002/2003 scal year.
Attach the revised return calculation. If the amounts reected in column A are
the result of an Indiana audit, please attach audit schedule. Any changes reected
in column B must be documented.
If ling because of an IRC Section 172 deduction, eective Jan. 1, 2004, the loss
derived from Indiana must be calculated by applying the modications, in eect
for the year in which the loss was incurred, used in arriving at Indiana adjusted
gross income. e resulting Indiana net operating loss (NOL), adjusted for any
federal Section 172 modications, may be claimed toward reducing, before any
other state deductions, Indiana adjusted gross income. Use Schedule IT-20NOL
(revised 8-09 and aer) to determine the available amount you may deduct.
A preexisting NOL must also be recalculated using this methodology to apply
any remaining loss as a deduction for tax years ending aer Dec. 31, 2003. All
NOLs incurred aer this date, whether carried back or forward, must be calculated
using the revised IT-20NOL schedule.
e available Indiana NOL is subject to the same carryover provisions as
required by the Internal Revenue Code, as adopted and in eect on Jan. 1 of the
taxable year. Note: e NOL carryback is no longer available.
Part II - Credits and Payments
If a change is indicated in column B, lines 9 through 15, provide a complete
explanation in Part IV and attach any schedules, statements, or canceled checks
that support such change. Note that a change of adjusted gross income tax (column
C, line 3) may aect the amount of allowable College Credit on line 11 and other
credits on line 12. Generally, the total credit entered on lines 11 and 12 cannot
exceed the amount of tax entered on line 3 of column C.
Line 17 - "Previously Refunded" includes overpayments previously requested to
be carried forward to other tax periods. Once the overpayment amount has been
carried forward it cannot be reversed.
Instructions for Indiana Amended Corporation Income Tax Return Form IT-20X
Part III - Remittance Due or Refund
Remittance Due:
Line 20 - If line 8 is greater than line 19, enter the dierence as the balance due
on line 20.
Line 21 - If an amended return is submitted aer the due date of the original
return, including valid extensions, penalty must be entered on line 21. e penalty
is 10% of the balance due or $5, whichever is greater. A late penalty of $10 per
day may apply to zero tax liability returns delinquently led.
Line 22 - Indiana law does not provide for the waiver of interest. Interest must
be computed on the balance due. Use the interest rate table below to properly
compute the amount of interest for line 22.
Line 23 - Add balance due, penalty, and interest to equal the total remittance
due. Pay this amount.
Refund Due:
Line 24 - If line 19 is greater than line 8, subtract line 8 from line 19 and enter
the overpayment.
Line 25 - Enter the portion of the overpayment from line 24 to be refunded.
If an excess tax payment is not refunded or credited against a current or future
tax liability within 90 days aer the date the refund claim is led, the date the tax
was due, or the date the tax was paid, whichever is latest, the excess tax payment
accrues interest from the date the tax was due, the date the tax was paid, the date
the return was actually led, or July 1, 2015, whichever is latest. e statute of
limitations for refund claims is 3 years from the due date of the return or 3 years
from the date the overpayment occurred, whichever is later. Extensions of time
to le extend the due date of the return. Quarterly payments are considered to
be made on the due date of the return led for a taxable period.
Line 26 - Enter that portion of line 24 to be applied to your current estimated
tax account and the year to which the overpayment is to be applied. e total of
lines 25 and 26 must equal the amount shown on line 24.
Note: If your overpayment is reduced due to an error on the tax return or
an adjustment by the department, the amount to be refunded (line 25) will be
corrected before any changes are made to the amount on line 26.
Interest rates on assessments are determined annually on Nov. 1 for each
upcoming year. Get Departmental Notice #3 at www.in.gov/dor/references/les/
dn03.pdf for a list of interest rates. For further information, call (317) 232-0129,
visit www.in.gov/dor, or write to:
Indiana Department of Revenue
Corporate Tax Division
P.O. Box 7206
Indianapolis, IN46207-7206
Be sure to sign, date, and print your name on the return. If a paid preparer
completes your return, you can authorize the department to discuss your tax
return with the preparer by checking the authorization box above the signature
line. e department may contact you if there are any questions or concerns
about your tax return. If you want the department to be able to discuss your
tax return with someone else (e.g., the person who prepared it or a designated
person), please complete the personal representative information area in full.
If you owe tax, please mail your return to Indiana Department of Revenue,
P.O. Box 7087, Indianapolis, IN 46207-7087. If you do not owe any tax, mail it
to Indiana Department of Revenue, P.O. Box 7231, Indianapolis, IN 46207-7231.
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Part IV - Please enclose a concise explanation of change(s) along with the corrected schedules and any other documentation.
Note: If the corporation is undergoing a bankruptcy proceeding, mail an amended return to: Indiana Department of Revenue, Bankruptcy Division, 100 N Senate
Ave., Indianapolis, IN 46204-2253. e telephone number is (317) 232-2289.
