Indiana

The trust residence is determined by the place where it is administered. Therefore, you must determine where the trustee or personal representative is located and where the records are kept for the trust.

Gains from the sale or exchange of capital assets shall be excluded to the extent that such gains are allocated to corpus and are not (A) paid, credited, or required to be distributed to any beneficiary during the taxable year, or (B) paid, permanently set aside, or to be used for the purposes specified in section 642(c).

(1) In general In the case of a qualified trust, any distribution in any taxable year beginning after the date of the enactment of this subsection shall be computed without regard to any undistributed net income. (2) Qualified trust For purposes of this subsection, the term 'qualified trust' means any trust other than- (A) a foreign trust (or, except as provided in regulations, a domestic trust which at any time was a foreign trust), or (B) a trust created before March 1, 1984, unless it is established that the trust would not be aggregated with other trusts under section 643(f) if such section applied to such trust.

The legislature repealed the Indiana Inheritance tax in 2013. Inheritance tax previously had to be paid for individuals who passed away on or before Dec. 31, 2012.

Each taxable year, a tax at the following rate of adjusted gross income is imposed upon the adjusted gross income of every resident person, and on that part of the adjusted gross income derived from sources within Indiana of every nonresident person: ... (6) For taxable years beginning after December 31, 2024, and before January 1, 2026, three percent (3%).

(7) For taxable years beginning after December 31, 2025, and before January 1, 2027, two and ninety-five hundredths percent (2.95%). (8) For taxable years beginning after December 31, 2026, and before January 1, 2030, two and nine-tenths percent (2.9%).

In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

Interest earned from a direct obligation of a state or political subdivision other than Indiana is taxable by Indiana if the obligation is acquired after Dec. 31, 2011. If you had interest from a bond issued by or in the name of certain Indiana government subdivisions or entities, deduct any interest or other income included in federal gross income.

Interest earned from a direct obligation of a state or political subdivision other than Indiana is taxable by Indiana if the obligation is acquired after Dec. 31, 2011. If you had interest from a bond issued by or in the name of certain Indiana government subdivisions or entities, deduct any interest or other income included in federal gross income.

'Internal Revenue Code' means the Internal Revenue Code of 1986 of the United States, as amended and in effect on January 1, 2026.

'Internal Revenue Code' means the Internal Revenue Code of 1986 of the United States, as amended and in effect on January 1, 2026.

If any item of income is excluded from gross income for federal income tax purposes but is required to be added under IC 6-3-1-3.5, there shall be allowed as a deduction from adjusted gross income... interest income received from United States obligations if and to the extent that the obligations are exempt from state income taxation.

Each taxable year, a tax at the following rate of adjusted gross income is imposed upon the adjusted gross income of every resident person, and on that part of the adjusted gross income derived from sources within Indiana of every nonresident person: ... (6) For taxable years beginning after December 31, 2024, and before January 1, 2026, three percent (3%).

Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax.

Any security issued under this chapter by a Federal home loan bank, including the stock thereof, shall be exempt from taxation, except taxes upon real estate, by any State, county, municipality, or local taxing authority.

The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).

In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

Each taxable year, a tax at the following rate of adjusted gross income is imposed upon the adjusted gross income of every resident person, and on that part of the adjusted gross income derived from sources within Indiana of every nonresident person: ... (6) For taxable years beginning after December 31, 2024, and before January 1, 2026, three percent (3%).

Each taxable year, a tax at the following rate of adjusted gross income is imposed upon the adjusted gross income of every resident person, and on that part of the adjusted gross income derived from sources within Indiana of every nonresident person: ... (6) For taxable years beginning after December 31, 2024, and before January 1, 2026, three percent (3%).

Verbatim text not yet extracted; see note.