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Meal Deduction Add-Back (3-digit code: 149) 1, 2021, add back the amount deducted for federal purposes in excess of 50% of the food or beverage expenses. Do not add back any amount for which an exception to the 50% limitation was in effect for amounts paid before Jan. 1, 2021.
Partnerships conducting business within Indiana must file an annual return (Form IT-65) and information returns (Schedule IN K-1) with DOR. These forms must disclose each partner's distributive share of the partnership income distributed or undistributed.
Tax Add-Back (3-digit code 100) ? Add back all state taxes based on or measured by income, levied by any state, which were deducted on the federal tax return. Wagering taxes fall within this category to be added back.
For 2021 and 2022, Taxpayer will claim the otherwise allowable depreciation but will have zero apportionment, effectively disallowing the deduction. For 2023, $115,200 will be permitted as a depreciation deduction, and for 2024 $57,600 will be permitted as a depreciation deduction for the last year.
The required addback is the amount of the state income tax deduction claimed on the taxpayer's federal return or the amount by which a taxpayer's total itemized deductions exceed the standard deduction otherwise allowable to the taxpayer, whichever is less.
Tax Add-Back If you claimed a deduction on a Schedule C, C-EZ, E, or F for taxes paid based on, or measured by income and levied at a state level by any state in the U.S., you must add this deduction back to your Indiana return. DO NOT INCLUDE PROPERTY TAXES ON THIS LINE.
A new deduction (634) is available to deduct certain expenses for which a deduction is not permitted for federal income tax purposes because an employer claimed a COVID-related employee retention credit.
Other (Current Year Conformity) Add-Back 120 Therefore, the IRC used to figure Indiana income may not be the same as the IRC used to figure federal income. This add-back is specific to these annual current year conformity is- sues.