Indiana Schedule E-U (FIT-20)

This Article Explains What Indiana Schedule E-U (FIT-20) Is And Gives Clear, Line-By-Line Instructions To Complete Every Entry So You Can Calculate Your Indiana Financial Institution Tax Apportionment Percentage Correctly.

Indiana Schedule E-U is an apportionment schedule used with the Indiana Financial Institution Tax return (FIT-20) to figure out what portion of a financial institution’s receipts are attributed to Indiana compared to receipts everywhere. In simple terms, it’s a “receipts sourcing worksheet” that produces a single Indiana apportionment percentage: you total the receipts that belong to Indiana under Indiana’s sourcing rules, total the receipts everywhere, and then compute a percentage that is carried to the main FIT-20 return. This matters because Indiana’s Financial Institution Tax is imposed on income after apportionment—so the percentage you compute on this schedule directly affects the amount of income subject to Indiana tax. The schedule also helps keep your filing consistent because it breaks receipts into categories (leases/rentals, various types of loans, credit card receipts, fiduciary services, investment-related receipts, and more) and asks you to report each category twice: once for the Indiana-sourced amount (Column A) and once for total everywhere (Column B). Even if your institution operates in multiple states, this schedule is designed to apply a single-factor receipts formula by matching each receipt type to the rule that determines where it is “attributed,” which helps prevent double-counting, under-reporting, or using a sourcing approach that doesn’t align with Indiana’s methodology. Finally, the schedule requires basic identifying information (corporation name and FEIN), and it is used by all taxpayers filing the Financial Institution Tax return, including those filing combined unitary returns, with certain lines being especially important for specific entity types such as investment companies (line 12).

How To File Schedule E-U

Complete Schedule E-U as part of your Indiana Financial Institution Tax filing package and submit it with Form FIT-20 when required. Carry the apportionment percentage you compute on this schedule to the indicated line on the FIT-20 return. Keep your supporting workpapers showing how you sourced each receipt category and how you arrived at each total, because this schedule is built on category-by-category sourcing, and you’ll want to be able to explain your numbers if questions come up. If you are filing as part of a combined unitary return, complete the schedule consistently with the combined group’s reporting approach and ensure the identifying information matches the filer information used for the overall FIT-20 submission.

How To Complete Schedule E-U

How To Complete Schedule E-U

This schedule has two main numeric columns for most lines:

  • Column A: Total receipts attributed to Indiana.
  • Column B: Total receipts everywhere.

General rule before you start: for each receipt category, calculate the total receipts everywhere first (Column B), then determine the portion that is attributed to Indiana using the sourcing rule that applies to that receipt type (Column A). Use consistent accounting periods and ensure your totals tie to your overall receipts used for the FIT-20 filing.

Identifying Information Section

Name Of Corporation: Enter the legal name of the corporation (or reporting entity/group name if filing as a combined unitary return, following your filing method).

Federal Employer Identification Number: Enter the FEIN for the entity filing the return (or the FEIN required for the filer on the FIT-20).

Receipts Apportionment Section (Lines 1 Through 15)

Line 1 (Lease Or Rental Of Real Or Tangible Personal Property):

  • Column A (Line 1A): Enter receipts from leasing or renting real property or tangible personal property that are attributed to Indiana, generally based on the property being located in Indiana.
  • Column B (Line 1B): Enter total receipts everywhere from leasing or renting real or tangible personal property.

Line 2 (Interest And Other Receipts From Loans Secured By Real Or Tangible Personal Property):

  • Column A (Line 2A): Enter interest income and other receipts from assets that function like loans or installment contracts when the loan/contract is secured by (or primarily involves) real or tangible personal property located in Indiana.
  • Column B (Line 2B): Enter total receipts everywhere for this category.

Line 3 (Interest And Other Receipts From Unsecured Consumer Loans):

  • Column A (Line 3A): Enter interest income and other receipts from unsecured consumer loans attributed to Indiana, generally when the loan is made to an Indiana resident.
  • Column B (Line 3B): Enter total receipts everywhere for unsecured consumer loans.

Line 4 (Interest And Other Receipts From Unsecured Commercial Loans And Installment Obligations):

  • Column A (Line 4A): Enter interest income and other receipts from commercial loans and installment obligations not secured by real/tangible personal property that are attributed to Indiana, generally when the loan proceeds are to be applied in Indiana; if you cannot determine where proceeds are applied, attribution generally follows where the borrower applied for the loan.
  • Column B (Line 4B): Enter total receipts everywhere for this category.

Line 5 (Fee Income And Other Receipts From Letters Of Credit And Guarantees):

  • Column A (Line 5A): Enter fee income and other receipts from letters of credit, acceptance of drafts, and similar credit/guarantee devices attributed to Indiana, generally using the same attribution method as commercial loans.
  • Column B (Line 5B): Enter total receipts everywhere for this category.

Line 6 (Credit Card Interest, Merchant Discounts, And Other Credit Card Receipts):

  • Column A (Line 6A): Enter interest income, merchant discounts, and other receipts (including service charges and cardholder fees) from credit cards and travel/entertainment cards attributed to Indiana, generally based on where the card charges are regularly billed.
  • Column B (Line 6B): Enter total receipts everywhere for these credit card-related receipts.

Line 7 (Receipts From The Sale Of Tangible Or Intangible Assets):

  • Column A (Line 7A): Enter receipts from selling a tangible or intangible asset that are attributed to Indiana, using the same state attribution used for the income from that asset; in practice, this means you match the sale receipt to the state where the asset’s income was attributed (and if that was Indiana, include it here).
  • Column B (Line 7B): Enter total receipts everywhere from sales of tangible or intangible assets that are included in your receipts base.

Line 8 (Receipts From Fiduciary And Other Services):

  • Column A (Line 8A): Enter receipts from fiduciary services and other service receipts attributed to Indiana, generally based on where the benefit of the service is received/consumed.
  • Column B (Line 8B): Enter total receipts everywhere from fiduciary and other services.

Line 9 (Receipts From Traveler’s Checks, Money Orders, Or U.S. Savings Bonds):

  • Column A (Line 9A): Enter receipts from issuing traveler’s checks, money orders, or U.S. savings bonds attributed to Indiana, generally based on where the item was purchased.
  • Column B (Line 9B): Enter total receipts everywhere from this issuance activity.

Line 10 (Receipts From Municipal Securities Investments):

  • Column A (Line 10A): Enter receipts from investments in municipal securities that are attributed to Indiana under the applicable rule for this category.
  • Column B (Line 10B): Enter total receipts everywhere from investments in municipal securities of all states and their political subdivisions/instrumentalities.

Line 11 (Interest And Other Receipts From Participation Loans):

  • Column A (Line 11A): Enter interest income and other receipts from participation loans attributed to Indiana, using the same method you would use to attribute the underlying loan (a participation loan generally involves multiple lenders sharing creditor status to the same borrower).
  • Column B (Line 11B): Enter total receipts everywhere from participation loans.

Line 12 (Gross Payments Collected On Investment Contracts Issued By An Investment Company):

  • Column A (Line 12A): For an investment company, enter the gross payments collected on investment contracts that are attributed to Indiana, generally when the contracts are held by Indiana residents.
  • Column B (Line 12B): Enter total receipts everywhere for gross payments collected on investment contracts issued by the investment company.

If you are not an investment company, ensure you follow your filing instructions for whether this line should be left blank or entered as zero based on how you report receipts.

Line 13 (Other Receipts From Non-Municipal Investment Income):
This line appears as a denominator-only entry on the schedule.

  • Column A: There is no “13A” entry shown; do not force an Indiana-sourced amount into Column A unless your filing instructions specifically provide a place for it.
  • Column B (Line 13): Enter other receipts from non-municipal investment income that belong in the denominator to the extent they are included as gross income for federal tax purposes. In many cases, this category covers items such as U.S. treasuries, certain federal agency securities, and corporate securities; if the receipts reflect disposition of assets (like securities or money market transactions), be careful to limit the receipt to the recognized gain amount where required by your rules and reporting method.

Line 14 (Total Receipts):

  • Column A (Line 14A): Add lines 1A through 12A. Enter the total Indiana-attributed receipts here.
  • Column B (Line 14B): Add lines 1B through 13. Enter the total receipts everywhere here.

Before moving on, do a quick tie-out: your Column B total should match the receipts base you are using for apportionment for the period (based on your institution’s records and filing approach).

Line 15 (Apportionment Percentage):
Compute your Indiana receipts factor as a percentage.

  • Take Line 14A and divide by Line 14B to get a decimal.
  • Multiply by 100 to convert the decimal to a percentage.
  • Round the percentage to two decimal places.
  • Enter the final percent on Line 15 and also enter it on the specified apportionment line on your FIT-20 return (the schedule directs that this percent is carried to the FIT-20).

Example formatting tip: If your decimal is .6789, your percentage entry would be 67.89%.

Final Review Before You Submit

Verify that every receipt type is included only once in the appropriate category, that Column A amounts truly meet the Indiana attribution rule for that receipt type, and that Column B totals reflect all jurisdictions (not just Indiana). Confirm that Line 14A equals the sum of Lines 1A through 12A, and that Line 14B equals the sum of Lines 1B through 13. Recalculate Line 15 one last time and make sure the percentage is rounded to two decimals and transferred to the correct line on the FIT-20.

If you want, tell me what type of filer you are (bank, credit union, investment company, or combined unitary group) and whether you have credit card receipts, fiduciary service receipts, and investment contract payments, and I can give you a clean “mapping checklist” to help you classify your receipt streams into lines 1–13 without overlap.

Back to top button