Schedule IN-CR                            Indiana Department of Revenue                                                                                      Enclosure 
Form IT-40/IT-40PNR                                      Credit Recapture                                                                          Sequence No. 11
State Form 56680                                                                                                                2024
(R5 / 9-24)

Name(s) shown on Form IT-40/Form IT-40PNR                                              Your Social Security Number

Complete this schedule if you are reporting a recapture of an offset credit that was claimed in a prior year. See instructions. 

                    Column A              Column B                                     Column C                            Column D                Column E
                                          Place “X” in Box                             Account Number,                     Offset Credit           Amount of Offset Credit to be 
                  Enter Offset Credit Name
                                          if K-12 Credit   Certification Number, etc.                                      3-Digit Code            Recaptured

1.                                                                                                                                       R                   00

2.                                                                                                                                       R                   00

3.                                                                                                                                       R                   00

4.                                                                                                                                       R                   00

5.                                                                                                                                       R                   00

6.                                                                                                                                       R                   00

7.                                                                                                                                       R                   00

8.                                                                                                                                       R                   00
9. Add amounts from Column E, lines 1 through 8 (add additional sheets if necessary).  
   Enter here and on Form IT-40 Schedule 4, line 3, or Form IT-40PNR Schedule E, line 3 .................................. Total Amount Recaptured           00

                                          *24100000000*
                                                           24100000000

                                             Schedule IN-CR Instructions

Use Schedule IN-CR if you have an income tax credit that must        Lines 1 – 9 Instructions
be recaptured (paid back).
                                                                     Column A. Enter the name of the offset credit that is being paid 
Important. The recapture of credits awarded by the Indiana           back.
Economic Development Corporation (IEDC) should not be 
reported on this schedule.You will be contacted by IEDC and/         Column B. Place an “X” in the box if the non-qualified withdrawal 
or the Indiana Department of Revenue regarding repayment or          was based on a K-12 contribution* to your CollegeChoice 529 
reduction of those credits.                                          Education Savings Plan Credit.
Currently, Indiana has two offset (non-refundable) credits that may  Column C. For the CollegeChoice 529 Education Savings Plan 
need to be paid back:                                                Credit, enter the account number(s) from which you made a 
• CollegeChoice 529 Education Savings Plan Credit                    non-qualified withdrawal(s). Enter any associated account or 
• Residential Historic Rehabilitation Credit                         certification number if the recapture is for the Residential Historic 
                                                                     Rehabilitation Credit. 
CollegeChoice 529 Education Savings Plan Credit Recapture
An owner of a CollegeChoice 529 Education Savings Plan               Column D. Enter 3-digit code number 837 if the recapture is for 
account who makes a non-qualified withdrawal during the year         the CollegeChoice 529 Education Savings Plan Credit. Enter 
must repay all or a part of any Indiana tax credit allowed. The      3-digit code number 831 if the recapture is for the Residential 
account owner must complete and enclose Schedule IN-CR with          Historic Rehabilitation Credit.
his or her Indiana income tax return (Forms IT-40 or IT-40PNR). 
                                                                     Column E 
Account owner. The account owner is the individual or entity         • For the CollegeChoice 529 Education Savings Plan Credit, 
(such as an individual, trust, estate, partnership, etc.) who has      multiply the amount of non-qualified withdrawal(s) made 
the right to select or change a beneficiary, and to control the        during the year for each account listed in Column A by 20 
distribution of the funds.                                             percent (.20). Enter the result in Column E. 
                                                                       * Important. If the non-qualified withdrawal was based on funds 
Qualified withdrawal. This is a withdrawal or distribution from a      contributed to your 2018 K-12 account, multiply the non-qualified 
CollegeChoice 529 education savings plan account that is made:         withdrawal by 10 percent (.10). Enter the result in Column E.
• to pay for qualified higher education expenses;                    • For the Residential Historic Rehabilitation Credit, enter the 
• because of the death or disability of an account beneficiary;        total amount of the credit previously claimed in Column E.
• because an account beneficiary received a scholarship that 
  paid all or part of their qualified higher education expenses;     Example. John owns a CollegeChoice 529 Education Savings 
• because of a transfer of funds by the plan from one third party    Plan Account he set up for his son. He made two $300 non-
  custodian to another.                                              qualified withdrawals from this account during the year. He will 
                                                                     multiply $600 times 20% and enter the $120 result in Column E.
Non-qualified withdrawal. This is a withdrawal or distribution 
from a CollegeChoice 529 education savings plan that is:             Example. Anna previously claimed a $1,200 Residential Historic 
• Not a qualified withdrawal;                                        Rehabilitation Credit. She sold the property on which the credit 
• A withdrawal or distribution from an account that is closed        was granted less than five years from when the work was 
  within 12 months after the account is opened;                      completed. She will enter the entire $1,200 in Column E.
• A rollover distribution or transfer from the CollegeChoice 529 
  education savings plan to any other Code Sec. 529 plan or          Line 9
  ABLE account.                                                      Enter the total of all amounts reported in Column E. Carry the total to 
                                                                     Form IT-40, Schedule 4, line 3, or Form IT-40PNR, Schedule E, line 3.
For more details, get Information Bulletin #98 at  
www.in.gov/dor/files/ib98.pdf.                                       Attach additional sheets if you made non-qualified withdrawals or 
                                                                     have credit recaptures from more than eight accounts or certifications.
Residential Historic Rehabilitation Credit Recapture
An individual who has previously claimed this credit must repay it   Filing Requirements
if certain conditions are met.                                       • If filing electronically, maintain a copy of this schedule with 
                                                                       your records as DOR will request it at a later date.
Specifically, the residential historic rehabilitation credit must be • If filing by paper, make sure to enclose a copy of this 
paid back if:                                                          schedule to your individual income tax return, Form IT-40 or 
• The property is transferred less than five years after completion    IT-40PNR.
  of the certified preservation or rehabilitation work; or
• Less than five years after completion of the certified 
  preservation or rehabilitation, additional modifications to the 
  property are undertaken that do not meet the standards of the 
  Office of Community and Rural Affairs.

                                        *24100000000*
                                                                24100000000