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June 28, 2016
The June 2016 issue of Tax Dispatch is available online now. The newsletter is written to assist tax professionals to better serve taxpayers and provide helpful resources.
The new issue highlights:
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June 22, 2016
This time of year our thoughts typically turn to outdoor activities like fishing in the shade, attending an outdoor concert, and cooking out at a local park. With the April tax filing deadline in the rearview mirror and summer already upon us, it may seem odd to think about an important tax deadline for Hoosier seniors.
The Unified Tax Credit for the Elderly, Indiana’s refundable credit for low-income senior citizens, must be claimed by June 30, 2016.
If someone is age 65 or older by the end of the tax year, lived in Indiana for at least six months and has a federal adjusted gross income of less than $10,000, then he or she may be eligible for a Unified Tax Credit for the Elderly. While singles may qualify for a credit up to $100, those who are married and file jointly may get up to $140.
Now, if the eligible senior already filed a 2015 Indiana income tax return, then the credit has probably already been claimed. Look at line 4 on Indiana Schedule 5 to be sure. If the credit should have been taken but wasn’t, make sure to claim the credit by filing (have postmarked) a corrected, or amended return (IT-40X), no later than June 30, 2016.
If you know a senior citizen who doesn’t have to file a state income tax return because his or her income is very low, he or she may still be eligible to claim the credit. Check out Form SC-40 for details. If the senior is eligible for a credit (refund), make sure the form is completed, signed, and postmarked no later than June 30, 2016.
The nice thing about the Form SC-40 is it only takes about 10 minutes to complete, freeing up your time for those cherished summer activities.
As always, if you have questions about individual income taxes, you can call the Department of Revenue at 317-232-2240. Additional information about the Unified Tax Credit for the Elderly, including how an extension impacts the deadline for filing for the credit, can be found in Information Bulletin #26.