topic This is not a correct answer. Although the IEDC does inde... in State tax filing

Where do I enter the Indiana Venture Capital Tax Credit on My 2017 Indiana State Tax Return? I don't see it listed as an option under "Other Credits"?

reggie1234- — Wed, 05 Jun 2019 01:09:39 GMT

Turbo Tax - please investigate the comment that this answ...

spenring — Wed, 05 Jun 2019 01:09:40 GMT

Turbo Tax - please investigate the comment that this answer is wrong and your software needs to be fixed!

This is not a correct answer. Although the IEDC does inde...

spenring — Wed, 05 Jun 2019 01:09:42 GMT

This is not a correct answer. Although the IEDC does indeed send a letter certifying the taxpayer has met all the criteria for their IVCITC, the taxpayer still needs to enter the data on Indiana Schedule 6, Offset Credits, Line 6, Other Credits, and there enter the credit name (IVCITC), the code # (835), and the dollar amount of the credit (20% of the eligible investment). Turbo Tax needs to fix the software to allow the entry of this data!

This is not a credit applied as part of your tax return....

CarolynM — Wed, 05 Jun 2019 01:09:43 GMT

This is not a credit applied as part of your tax return. To receive this credit, you must apply directly with the state of Indiana after receiving approval of your application.

For more information, follow this link: Indiana Venture Capital Investment Tax Credit

This is not a correct answer. Although the IEDC does inde...

spenring — Wed, 05 Jun 2019 01:09:44 GMT

Re: Where do I enter the Indiana Venture Capital Tax Credit on My 2017 Indiana State Tax Return? I don't see it listed as an option under "Other Credits"?

peterd — Sun, 16 Feb 2020 03:04:35 GMT

It is now Feb 2020 and am trying to enter my Indiana VCI tax credit and can not find a place to enter the amount of credit I received. I need Turbotax / Intuit's help as soon as possible.

Please respond as to how the Turbotax 2019 software can be used to receive this credit.

Re: Where do I enter the Indiana Venture Capital Tax Credit on My 2017 Indiana State Tax Return? ...

DaveF1006 — Sun, 16 Feb 2020 20:20:26 GMT

Please follow the directions that is outlined in this link that outlines these steps.

Proceed through the Indiana state Interview in TurboTax, until you come to a screen with the heading "Take a look at Indiana credits and taxes".
Scroll down to the subheading "Business and investment credits".
Click on Start for "Other Business Credits".
The next screen will ask you for the Venture Capital Investment Credit.

See if this works.

Re: Where do I enter the Indiana Venture Capital Tax Credit on My 2017 Indiana State Tax Return? ...

peterd — Sun, 16 Feb 2020 20:52:30 GMT

Hi Dave,

Thank you for responding. Your answer is not correct for 2019 TurboTax Deluxe. I spent a long time on the phone today with a very helpful and nice TurboTax support person from New York. Apologies, but I can't recall her name or I would share it as an example of great customer service.

The support person was very patient and was able to solve the issue.

You can not use the Interview steps to enter the VCI tax credit. You need to open your IT-40 and click on line 13, which will take you to Schedule 6. Scroll down on Schedule 6 until you get to "Other Credits Smart Worksheet" section and click on the entry field for 'C 1'. Click on the + sign that appears to add supporting details. Complete the supporting details info. Please note that you can only specify the amount of VCI tax credit that is same or less than the total State taxes due. Not the combined State and Local, but only the State taxes due. Wish it was both, but not the case. After closing the supporting details box, then verify the amounts carry down to the bottom of Schedule 6. In section 6 "other credits", the code for VCI credit is '835'. You might need to add the Credit Name in this section. I added "2019VCI TAX CREDIT-PARTIAL", since I was only able to add a part of my 2019 VCI credit. I did not see where you can show the initial total VCI credit amount. The amount will be transferred to your IT-40 and will show toward your refund.

For some reason the current version of TurboTax does not contain a "Business and investment credits" section. If others ask, please share the information I provided above.

Kind regards,

PeterD

Re: Where do I enter the Indiana Venture Capital Tax Credit on My 2017 Indiana State Tax Return? ...

DaveF1006 — Sun, 16 Feb 2020 22:02:19 GMT

Thank you for this information. This is extremely helpful.