Indiana DOR Determines Taxpayer Qualified for Income Tax Credit for Contributions to Qualifying 529 Plan

The Indiana Department of Revenue (DOR) July 5 determined in a letter ruling that Taxpayer qualified for individual income tax credits for contributions to a qualifying 529 plan. Taxpayer filed the 2017 tax return IT-40 with the DOR, which indicated that Taxpayer was due a refund. The DOR issued Taxpayer a reduced Indiana refund. Taxpayer filed an amended return disputing an adjustment by the DOR, seeking a refund for the difference between the original refund and the amount requested on the IT-40. The DOR denied the refund. Taxpayer timely protested. Upon review, the DOR noted that: 1) Taxpayer timely filed ...