Indiana Schedule 501B, known as the Terminal Operator’s Schedule of Disbursements, is used by terminal operators to report the disbursement of fuel. The form tracks fuel movement from the terminal to other locations, including the transporter and position holder details. This schedule is essential for maintaining compliance with Indiana’s fuel tax laws, helping the Indiana Department of Revenue monitor and regulate fuel distribution. It is necessary for operators to submit this form monthly, listing the fuel disbursements along with relevant details such as gallons, transporter information, and position holder’s customer information.
How to File Indiana Schedule 501B?
To file Indiana Schedule 501B, terminal operators must fill in the required details for each fuel transaction during the reporting period. This includes providing transporter information, destination state, position holder data, and the gross and net gallons of fuel that were disbursed. Operators must also submit this form monthly and carry totals to the FT-501 (Terminal Operator’s Monthly Return) to report total disbursements. If needed, additional sheets can be attached to cover all transactions.
How to Complete Indiana Schedule 501B
1. Terminal Operator Information
- Terminal Operator Name: Enter the name of the terminal operator as registered with the Indiana Department of Revenue.
- License Number: Provide the terminal operator’s fuel tax license number.
- FEIN: Enter the Federal Employer Identification Number (FEIN) for the terminal operator.
- Terminal Code: Include the terminal code assigned to your facility.
- Month/Year: Specify the month and year for which this schedule applies.
2. Transporter Information
- Name: Enter the name of the company or entity that is transporting the fuel.
- FEIN: Provide the FEIN of the transporter.
3. Position Holder Information
- Mode of Transport: Enter the mode of transport used for the fuel. Use one of the following codes:
- J = Truck
- S = Ship (Great Lakes or Ocean Vessel)
- R = Rail
- ST = Stock Transfer
- B = Barge
- BA = Book Adjustment
- PL = Pipeline
- Destination State: Enter the destination state to which the fuel is being transported.
4. Position Holder’s Details
- Name/Address: Enter the name and address of the position holder. The position holder is the entity that owns or leases storage space at the terminal.
- FEIN: Enter the FEIN for the position holder.
- Document Date: Provide the shipping document date, which is the date when the fuel was shipped.
- Document Number: Enter the shipping document number, such as the bill of lading or other relevant shipping document number.
5. Gallons Information
- Net Gallons: Enter the net gallons of fuel received by the position holder. This is the amount of fuel after any deductions (e.g., losses or adjustments).
- Gross Gallons: Enter the gross gallons of fuel disbursed, which includes all the fuel that was delivered to the position holder.
6. Position Holder’s Customer Information
- Position Holder’s Customer Name: Provide the name of the customer receiving the fuel from the position holder.
- Position Holder’s Customer FEIN: Enter the FEIN of the customer receiving the fuel.
Important Notes
- Subtotals: You must subtotal the net gallons by position holder on this schedule. These subtotals should then be carried over to Schedule 501I, Column 5.
- Reporting Total Net Gallons: The total net gallons reported on this schedule should be carried over to the FT-501, Terminal Operator’s Monthly Return.
- Attach Additional Sheets: If you need more space for reporting, you can photocopy the schedule and attach additional sheets as necessary.