How do I amend my 2024 Indiana tax return to include the required Composite Schedule?
Due to a TurboTax error, some business returns did not include the required Composite Schedule on the Indiana Partnership/S-Corporation tax return. This is a state reporting requirement, and while there is no impact on the tax liability, Indiana assesses a $500 penalty when the Composite Schedule is not filed.
To correct your return, please follow the steps below:
Go to the TurboTax.com website and sign in to your account.
Print a copy of your Indiana business return, which will now include the completed Schedule Composite.
Check the box to indicate it is an amended return. This will be on the first page of Form IT-20S/IT-65. No additional changes are needed to complete the amended return.
Mail your return to the following address:
INDIANA DEPARTMENT OF REVENUE
PO BOX 7147
INDIANAPOLIS, IN 46207-7147Sign and date the return and attach a separate cover sheet to your amended Indiana return with the following explanation written on it: “TO INCLUDE SCHEDULE COMPOSITE”.
Keep a copy of the amended return for your records.
NOTE: The composite schedule must be filed or the Indiana Department of Revenue will assess a $500 penalty.
If you have already had the penalty assessed, please reach out to Audit Defense for assistance.
If you have questions, select Live Help while logged into TurboTax to get connected to a Business Tax Expert so they can best assist you.
