To claim the Indiana Venture Capital Investment (VCI) Tax Credit by generating Form IT-20REC: using TurboTax, follow these steps:
Ensure Appropriate TurboTax Version:
- Verify that you're using at least the TurboTax Premier version, as it supports investment-related credits.
- Open Your Tax Return in TurboTax.
- Scroll to the bottom of screen and proceed to the State Taxes section.
- Select Indiana to begin or continue your state tax return.
- As you progress through the Indiana state interview, look for the screen titled "Take a look at Indiana credits and taxes."
- Scroll down to the "Business and investment credits" subsection.
- Click on "Start" or "Edit" next to "VCI Qualified Investment Fund Credit & Venture Capital Investment Credit."
- Enter Venture Capital Investment Credit Details: Make sure you have your certification from the Indiana Economic Development Corporation (IEDC) ready, as you may need to reference it
- Continue through the remaining prompts to finalize your Indiana state tax return.