1040-IN: Lake County Refundable Property Tax Credit

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Indiana allows a refundable credit on Schedule 5 or Schedule F for real estate taxes paid on primary residence if the homestead is in Lake County and Modified Indiana Adjusted Gross Income (for Lake County Credit purposes) does not exceed $18,600.

UltraTax/1040-IN uses amounts which include both Code 1 (Principal residence) and State Use code 1 (Payment qualifies for Lake County property tax credit) in the Real estate statement dialog in the Tax Expenses section of federal Screen A to determine qualifying payments for the Lake County property tax credit. Use the force field on Screen INCr to change the amount of qualifying payments.

If claiming the Lake County property tax credit, the taxpayer may not claim the Homeowner’s residential property tax deduction.

In order to claim the Lake County property tax credit, Modified Indiana Adjusted Gross Income (for Lake County Credit purposes) must not exceed $18,600. UltraTax CS calculates the Indiana Lake County Credit Worksheet per guidance from the Indiana Department of Revenue. If data entry includes payments of real estate taxes, UltraTax CS excludes any deduction for property taxes on the worksheet when determining Modified Indiana AGI.

Related topic: 1040 Indiana frequently asked questions

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