Form IT-40 (State Form 53995) Schedule 1 Add-Backs - Indiana

What Is Form IT-40 (State Form 53995) Schedule 1?

This is a legal form that was released by the Indiana Department of Revenue - a government authority operating within Indiana.The document is a supplement to Form IT-40, Indiana Full-Year Resident Individual Income Tax Return. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form IT-40?
A: Form IT-40 is a state tax form used in Indiana to file individual income tax return.

Q: What is Schedule 1 Add-Backs?
A: Schedule 1 Add-Backs is a part of Form IT-40 in Indiana that lists certain deductions or expenses that need to be added back to your income.

Q: What types of deductions or expenses are included in Schedule 1 Add-Backs?
A: Some examples of deductions or expenses that may need to be added back include federal income tax refund, out-of-state losses, and foreign losses.

Q: Why do I need to add back these deductions or expenses?
A: These deductions or expenses are added back to ensure that your Indiana taxable income accurately reflects your income without any special tax treatment or benefits.

Q: Do I need to file Schedule 1 Add-Backs if I don't have any of the listed deductions or expenses?
A: No, if you don't have any of the deductions or expenses listed on Schedule 1 Add-Backs, you don't need to file it.

Q: Can I claim any other deductions or expenses on Form IT-40?
A: Yes, in addition to Schedule 1 Add-Backs, there are other schedules and forms where you can claim deductions and expenses allowed by the Indiana tax law.