Happy New Year! It’s 2013!

January 16, 2013 – TaxTalk Blog

So, how do you plan on referring to the year 2013? Two-thousand and thirteen? Twenty-thirteen? While I don’t know if there is a preferred way to refer to it, I do know there is something coming up soon no matter how you pronounce it: individuals will begin filing their federal and state income tax returns.

Now I’m not saying you need to start thinking about filing your taxes when they aren’t even due until April 15, 2013. But, if you’re a planner, we thought you’d appreciate a preview.

Here are a couple of things to check out:

Automatic Taxpayer Refund Credit
The Indiana General Assembly passed legislation providing for an Automatic Taxpayer Refund (ATR) credit for tax year 2012.

You may be eligible for the credit if you meet all three of the following qualifications. You must:

  • have timely filed (including extensions) a full-year Indiana resident income tax return for tax year 2011
  • timely file (including extensions) a full-year resident Indiana income tax return for tax year 2012
  • owe some tax to the state for 2012 (have a modified state tax liability)

The refundable credit that has been authorized for 2012 is $111 per eligible taxpayer ($222 for an eligible married couple filing a joint return). Dependents are not eligible to claim the ATR unless filing their own state tax return.

You should claim the ATR credit when filing your Indiana income tax return. For more information about this credit, see the instructions in the IT-40, IT-40EZ or IT-40PNR instruction booklets.

Free federal/state electronic filing – available Jan. 30, 2013
Indiana continues to offer a free tax filing service through INfreefile, a cooperative effort with the national Free File Alliance. Eligible Indiana taxpayers can file both the federal and Indiana individual tax returns using highly interactive and easy-to-use web-based applications that speed both returns and refunds.

Twenty-four states will be using the Free File option for 2012. And, you have the selection of multiple vendors to use for this free service. The Department of Revenue estimates that nearly 1 million Indiana taxpayers will be eligible for this free service. You may be one. In fact, more than 118,000 Hoosier taxpayers used INfreefile last year and expressed a very high satisfaction rate with the service.

Visit www.freefile.dor.in.gov on or after Jan. 30, 2013 to see if you are eligible to participate in Indiana’s INfreefile program.

You can get the low-down on all the individual tax updates and forms at www.in.gov/dor/4657.htm Be sure to check out page 3 of the IT-40 booklet for a list of all the changes for 2013. And Happy New Year to you and yours.

If you would like to submit a question or topic suggestions, please send those to feedback@dor.in.gov.

If you would like to submit a question or topic suggestions, please send them to feedback@dor.in.gov
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