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Screen INFITPW - Indiana Financial Institution Tax Projection (1120)

Overview

Use this screen to enter information you expect to be different for the next tax year. The application uses this data to calculate the Indiana Tax Projection Worksheet. This worksheet is based on current law and next year’s tax law differences (when known). Enter only the items you expect to be different for the coming year. If you don’t expect a difference, leave the field blank to allow the current-year amount to automatically transfer to the next-year column of the Indiana Tax Projection Worksheet. However, fields that are marked with an asterisk (*) in Screen INFITPW won’t automatically transfer the current-year amount.

Tax and Payments

The total tax for next year is automatically calculated by applying the current year tax rates to the projected taxable income. Use this field to override this calculated amount, if needed.
Enter the total amount of estimated tax payments that are projected for next year. If this field is blank, the application defaults to the sum of any payments reported on Forms FT-ES - Corporation Estimated Income Tax, plus any additional amounts paid that is reported under the
Next year estimates already paid
 fields of Screen INEst.
Enter the amount of current year overpayment that will be credited to next year. If this field is blank, the application defaults to the amount credited to next year’s estimated tax from the current year return.
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