Indiana Enterprise Zone Qualified Employee Deduction Certificate
Extracted from PDF file 2023-indiana-form-it-40qec.pdf, last modified December 2020Enterprise Zone Qualified Employee Deduction Certificate
Schedule IT-40QEC State Form 21928 (R19 / 9-23) Indiana Department of Revenue Enterprise Zone Qualified Employee Deduction Certificate Name of employee 2023 Enclosure Sequence No. 18 Social Security Number Name of Enterprise Zone ___________ Date of residence in Enterprise Zone: From ____________ To ____________ Employee’s street address Amount of compensation for tax year during the period of residence in the Enterprise Zone: $_________________ City of residence Caution: Limitation of Deduction Enter ½ of the above amount or $7,500, whichever is less: $________________ Employer Address Federal Employer Identification Number I certify that the above-named employee was paid the amount indicated as compensation for services rendered, and that he/she is a qualified employee as defined in IC 6-3-2-8. Signature of employer Title Telephone number Date Instructions for completing Schedule IT-40QEC Schedule IT-40QEC is to be completed by the enterprise zone employer and distributed to its qualified employee(s). The qualified employee should claim this deduction on IT-40 Schedule 2 or IT-40PNR Schedule C. The employee must enclose the IT-40QEC with the state individual income tax return to support any claimed deduction of earned enterprise zone income. Indiana Code IC 6-3-2-8 defines a “qualified employee” as an individual who: 1. Has a principal place of residency in the enterprise zone where employed; 2. Performs services for the employer 90 percent of which are directly related to the conduct of the employer’s trade or business located in an enterprise zone; 3. Performs services for the employer at least 50 percent of the time during the taxable year within an Indiana state enterprise zone; and 4. Is employed by a business that remains eligible to receive benefits and incentives as provided by enterprise zone legislation. Portions of certain Indiana cities are designated as state enterprise zones. A qualified employee living and working in a designated enterprise zone may be entitled to deduct from state adjusted gross income one-half of the enterprise zone income earned for services or $7,500, whichever is less. Enterprise zone income means wages, salaries, commissions and any other forms of remuneration paid to qualified employees for services by an enterprise zone employer, minus any IRA deductions directly related to that earned income. For a listing of all current enterprise zones and contact information for each zone please visit www.aiez.org/directory.html. Privacy Notice: The records in this series are CONFIDENTIAL according to the provisions of IC 6-8.1-7-1 and IC 5-28-15-8 *24100000000* 24100000000
Form IT-40QEC
More about the Indiana Form IT-40QEC Individual Income Tax TY 2023
Form IT-40QEC is used by an employee of an enterprise zone to claim their deductions
We last updated the Enterprise Zone Qualified Employee Deduction Certificate in February 2024, so this is the latest version of Form IT-40QEC, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-40QEC directly from TaxFormFinder. You can print other Indiana tax forms here.
Other Indiana Individual Income Tax Forms:
TaxFormFinder has an additional 69 Indiana income tax forms that you may need, plus all federal income tax forms.
Form Code | Form Name |
---|---|
Form ES-40 | Estimated Tax Payment Voucher |
IT-40 Form | IT-40 Income Tax Form |
Form SC-40 | Unified Tax Credit for the Elderly |
IT-40 Booklet | IT-40 Income Tax Instruction Booklet |
Schedule 2 | Deductions |
View all 70 Indiana Income Tax Forms
Form Sources:
Indiana usually releases forms for the current tax year between January and April. We last updated Indiana Form IT-40QEC from the Department of Revenue in February 2024.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Indiana Form IT-40QEC
We have a total of two past-year versions of Form IT-40QEC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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