Question

Indiana Foster Care donation credit

Forum|Forum|1 year ago
February 5, 2025
1 reply
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I have question related to the Indiana Foster Care Credit. According to the Indiana Website it says that credit is limited to $10k but TT allows me to enter in a larger amount. I'm hesitant to only list $10k, hoping that there is a carry over to 2025

J

JohnW152

Yes, there is a carryforward, so you should enter your entire donation amount.

The 2024 IT-40 Income Tax Instruction Booklet, available at Current Year Individual Tax Forms, is silent on the issue. However, Schedule IN-OCC, Other Certified Credits, available on the same page linked above, makes it clear that carryforwards are allowed. See Columns E, F and G of the schedule.

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I

indianaroger69Author

Thanks for response. I agree with you that is the way that it should work but there is no cap or carry forward. I can put in 50,000 and it increases my refund by $50,000. Program should at least cap the current year deduction and push the balance to carry forward (which is appears not to do)