Indiana Schedule H (FIT-20) – Schedule FIT-2220

Schedule H (FIT-20) is the Indiana Department of Revenue schedule used with the Financial Institution Tax Return when a unitary group files a combined return, and it exists to identify every unitary-group member (except the reporting member) that does business wholly or partly in Indiana and is included in that combined filing, along with any estimated tax a listed member paid under its own FEIN. In other words, Schedule H is essentially the “who is in the combined group for Indiana” roster: you provide each included entity’s federal identification number, name, and address, and you also show whether that entity already sent in estimated payments separately so the combined filing can properly reflect those payments.

The same PDF also includes Schedule FIT-2220, titled Underpayment of Estimated Tax by Financial Institutions, which is a worksheet-style schedule used to compute (1) the minimum quarterly estimated payment requirement (based on your net tax due and use tax due), and (2) the quarter-by-quarter underpayment penalty when required installments were not paid on time or in sufficient amounts. FIT-2220 walks you through taking the relevant lines from Form FIT-20, testing whether you meet the penalty threshold, calculating the required installment amount, comparing it to what you actually paid each quarter, and then applying a 10% penalty to any quarterly underpayment and carrying the total penalty back to line 47 of Form FIT-20.

How To File Schedule H (FIT-20) And Schedule FIT-2220

• Schedule H (FIT-20) Must Be Included With The Combined FIT-20 Filing: The schedule is described as part of the Financial Institution Tax Return process for members of a unitary group filing a combined return, and it instructs you to list unitary members included in the combined filing.
• Attach Extra Pages If You Run Out Of Space On Schedule H: If you have more members than the lines provided, the form explicitly instructs you to attach additional sheets if necessary.
• Schedule FIT-2220 Feeds A Penalty Amount Back To Form FIT-20: The final step directs you to enter the total penalty “here and on line 47 of Form FIT-20.”

How To Complete FIT-20 Schedule H (State Form 44626) (Line By Line)

Form Header And Who Must Be Listed

1. Agency And Return Context: The header identifies the Indiana Department of Revenue and the Financial Institution Tax Return, and it specifically applies to Members of Unitary Group Filing a Combined Return.
2. Member Identification Rule (Don’t List The Reporting Member): You must identify all members of the unitary group other than the reporting member that are doing business wholly or partially within Indiana and are included in the combined filing.
3. Estimated Payment Disclosure Rule: For each listed member, you must indicate the amount (if any) of estimated tax that the member paid separately under its own FEIN.
4. Extra Members: If the group has more members than available lines, attach additional sheets.

Schedule H Table Columns (A Through G)

Fill out one row per unitary-group member you are required to list (again, excluding the reporting member).

• Column A — Federal Employer Identification Number: Enter the member’s FEIN exactly as issued for that entity.
• Column B — Name Of Member: Enter the member’s legal name that matches the FEIN in Column A.
• Column C — Street Address: Enter the member’s street address.
• Column D — City: Enter the city for the address you listed.
• Column E — State: Enter the state for that address.
• Column F — ZIP Code: Enter the ZIP Code for that address.
• Column G — Estimated Tax Paid: Enter the amount of estimated tax paid separately by that member under its own FEIN, if any.

Schedule H Rows (1 Through 9)

• Lines 1–9 (Member Rows): The form provides nine numbered rows (1 through 9) to list up to nine members, one member per row, using Columns A–G.
• If You Need More Than 9 Rows: Continue the same set of fields on additional sheets (since the form instructs you to attach them if necessary).

Schedule H Form Identification (For Your Records)

• The schedule label shows “FIT-20 Schedule H” and identifies it as State Form 44626 (R18 / 8-19).

How To Complete Schedule FIT-2220 (State Form 44628) (Line By Line)

Schedule FIT-2220 is titled Underpayment of Estimated Tax by Financial Institutions and is organized into two main parts: (1) calculating the minimum quarterly payment, and (2) calculating the quarterly underpayment penalty across four columns.

Section 1: Calculate Minimum Quarterly Payment (Lines 1–5)

Line 1 — Net Tax Due

• Enter net tax due calculated as: line 39 of Form FIT-20 minus lines 42, 43, and 44, but not less than zero.

Line 2 — Use Tax Due

• Enter use tax due from line 30 of Form FIT-20.

Line 3 — Threshold Test (Stop Rule)

• Subtract line 2 from line 1 and enter the result.
• If the result is less than $2,500, stop: the form says STOP and indicates you do not owe a penalty in that case.

Line 4 — 80% Factor

• Multiply line 3 by 80% (0.80) and enter the result.

Line 5 — 25% Of Line 4

• Enter 25% (0.25) of line 4 on line 5.
• The form also notes to enter it here and see line 8 instructions below, meaning line 5 is used later when determining the required installment amount.

Section 2: Calculate Quarterly Underpayment Penalty (Lines 6–13, Columns (a)–(d))

This section uses four quarter columns labeled: (a) 1st Quarter, (b) 2nd Quarter, (c) 3rd Quarter, (d) 4th Quarter.

Line 6 — Quarterly Installment Due Dates

• Enter, in columns (a) through (d), the installment due dates corresponding to the 20th day of the 4th, 6th, 9th, and 12th months of the tax year.

Line 7 — Amount Paid Each Quarter

• Enter the amount paid for each quarter in the matching column (a) through (d).

Line 8 — Required Installment Amount (Two-Option Test)

• Enter the lesser of:
  • the amount from line 5, or
  • 25% of the previous year’s financial institution tax liability.

Line 9 — Difference Between Paid And Required (Sign Matters)

• Subtract line 8 from line 7 for each quarter.
• The form specifies: overpayment will be a positive figure and underpayment will be a negative figure.

Line 10 — Carryforward Overpayment Rule

• Enter any overpayment from line 11 of the preceding column, but only the amount in excess of any prior underpayments.

Line 11 — Net For The Quarter (Determines Underpayment)

• Add the net amount on line 10 to the entry on line 9 and enter the total.
• The form states: if the result is negative, this is your underpayment.

Line 12 — 10% Penalty On Underpayment

• Compute the 10% penalty on the underpayment amount shown on line 11.
• The form instructs you to enter as positive numbers (even though underpayments are identified as negative on line 11).

Line 13 — Total Penalty And Where It Goes

• Add line 12 across columns (a) through (d) and enter the total on line 13.
• Then enter that same total on line 47 of Form FIT-20 as directed.

Schedule FIT-2220 Form Identification And Printed Code

• The schedule is labeled “Schedule FIT-2220” and identified as State Form 44628 (R21 / 8-23).
• The page also displays the printed code “24100000000” and “24100000000” at the bottom; treat this as a form identifier/barcode area and don’t alter it when preparing the final document.