Form FT-501

Master Indiana fuel tax compliance with this complete field-by-field guide to the Terminal Operator Monthly Return!

Form FT-501, the Terminal Operator’s Monthly Tax Return (State Form 46291, Revised 11-13), is a mandatory monthly filing required from every person or entity operating a fuel terminal location within Indiana, serving as the official record of all fuel movements—including special fuels, gasoline, and other products—through each specific terminal site. This form tracks physical inventory changes, receipts into the terminal, disbursements out of the terminal, and any stock gains or losses, ensuring accurate reporting that reconciles with supporting schedules (501A, 501B, 501I) for position holders leasing storage space. Due by the 20th day of the month following the reporting period, FT-501 must be filed separately for each Indiana terminal location you operate, with licensed suppliers and gasoline distributors also required to include their own activity if they manage terminals. The form’s reconciliation ensures the ending inventory matches the next month’s beginning inventory, providing Indiana Department of Revenue with complete visibility into fuel distribution chains.

Who Must File Form FT-501?

Every operator of an Indiana terminal location must file, including:

  • Terminal operators (primary filers)
  • Licensed suppliers managing terminals
  • Licensed gasoline distributors operating terminals
  • Separate return required per terminal location

Filing Deadline And Submission

Due Date: 20th day of the month following the reporting period (January return due February 20). If the 20th falls on a weekend or holiday, filing is due the next business day. Must be postmarked by the due date.

Submission Address:

Indiana Department of Revenue
P.O. Box 6080
Indianapolis, IN 46206-6080
How To Complete Form FT-501 (Line-By-Line Instructions)

How To Complete Form FT-501 (Line-By-Line Instructions)

Header Information

  • For the month of: Enter month and year (MM/YYYY format)
  • Name of License Holder: Exact name as shown on your Indiana Fuel Tax License
  • License Number: Your Indiana fuel tax license number
  • Mailing Address: Complete street address, city, state, ZIP
  • Federal 637 License Number: Your IRS 637 registration for terminal operations
  • FEIN/SSN: Federal Employer Identification Number
  • Telephone Number: Business contact phone
  • Terminal Information:
  • Name of Terminal: Specific terminal name
  • Terminal Code: Assigned terminal code
  • Location: Physical address
  • Check if Last Filing: Mark box if closing this terminal

Monthly Transactions Table (Core Reconciliation)

Complete three columns for each fuel type:

Column A: Special Fuel (Dyed/Clear Diesel, Biodiesel, Blended Biodiesel)
Column B: Gasoline (Gasoline, Gasohol)
Column C: Other Products (Jet Fuel, Kerosene)

Line 1: Beginning Physical Inventory

Enter the actual physical inventory at the start of the reporting period for each fuel type. This should match Line 5 (Ending Inventory) from your previous month’s FT-501.

Line 2: Total Receipts

Record net gallons received into the terminal during the month. This total comes from Column 8 of your supporting Schedule(s) 501A (Receipts Detail).

Line 3: Total Disbursements

Record net gallons disbursed from the terminal during the month. This total comes from Column 9 of your supporting Schedule(s) 501B (Disbursements Detail).

Line 4: Stock Gains & Losses

Enter any inventory discrepancies:

  • Mark + box for gains (overages)
  • Mark – box for losses (shortages, evaporation, theft)
  • Enter the net gain/loss amount for each fuel type

Line 5: Ending Physical Inventory

Calculated field: Line 1 + Line 2 – Line 3 +/- Line 4 = Ending Inventory. This becomes next month’s Line 1.

Reconciliation Rule: Line 5 must match your actual physical count at month-end.

Certification And Signature

  • Certification Statement: Affirm under penalty of perjury that all data, schedules, and reports are true, correct, and complete based on best available information.
  • Taxpayer or Authorized Agent: Sign as the responsible party
  • Typed or Printed Name: Legible identification
  • Title: Your position (Owner, Manager, Accountant, etc.)
  • Date Signed: MM/DD/YYYY format
  • Telephone Number: Contact number for verification

Required Supporting Schedules

Schedule 501A: Receipts Detail

Lists all receipt transactions by position holder (lessee of terminal storage space) supporting Line 2 totals.

Schedule 501B: Disbursements Detail

Lists all disbursement transactions by position holder supporting Line 3 totals. One line per disbursement, grouped by product type within each position holder.

Schedule 501I: Position Holder Summary

Consolidates activity by position holder for beginning/ending inventory, receipts, disbursements, and gains/losses supporting FT-501 Lines 1-5.

Month-To-Month Reconciliation Rule

This Month Line 1 = Last Month Line 5
This Month Line 5 = Next Month Line 1

Filing Frequency

Based on your terminal’s activity volume:

  • Monthly: Required for all terminal operators
  • Separate FT-501 per terminal location

Common Mistakes To Avoid

❌ Line 1 ≠ Previous Line 5 (inventory mismatch)
❌ Missing supporting schedules (501A, 501B, 501I)
❌ Wrong terminal code/location
❌ Unsigned certification
❌ Filing one form for multiple terminals

Electronic Filing Option

While paper filing is shown on the form, e-filing through INtime is available and recommended for accuracy.

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