The R-540INS Louisiana form is a document utilized to request a refund for an assessment paid to the Louisiana Citizens Property Insurance Corporation. Louisiana Revised Statute 47:6025 permits a refundable tax credit worth 25 percent of the assessment paid as part of the homeowner’s insurance premium for the calendar year 2019. To possibly streamline the process of receiving this refund, individuals must ensure accuracy when filling out the form and attach necessary documentation, avoiding the filing of this claim on multiple forms to prevent delays.
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In Louisiana, residents who have paid assessments to the Louisiana Citizens Property Insurance Corporation within a specific year have an opportunity to claim a portion of these payments back through the R-540INS form. Specifically, for the 2019 filing period, this document serves as a request for the refund of assessments levied by the insurance arm tasked with providing coverage to homeowners in the state unable to secure it in the private market. The form outlines a process through which individuals can claim a refundable tax credit, equal to 25 percent of the paid assessments, as part of their homeowner's insurance premium. Taxpayers are provided options to either include this refund on their individual income tax return or leverage the R-540INS form directly, with an emphasis on avoiding the submission of duplicate claims across both platforms to prevent delays in processing. Furthermore, the document requires detailed information about the insured properties, including addresses and policy numbers. Those who have paid assessments on more than one property are instructed to attach a Supplement Schedule, ensuring all requisite details are meticulously reported. To complete the submission, a copy of the Insurance Declaration Page for each listed property is also required, underscoring the state's meticulous approach to validating claimed assessments and streamlining the refund process. Providing clear and precise instructions alongside the necessary stipulations for both single and multiple property owners, the form embodies a structured pathway for Louisiana residents seeking to recoup a part of their insurance assessments within the stipulated timeline.
R-540INS (1/19)
Request for Refund of Louisiana
Citizens Property Insurance
Corporation Assessment
Your first name
MI
Last name
Suffix
➜
If joint return, spouse’s name
Current home address (number and street including apartment number or rural route)
City, town, or APO
State
ZIP
Individual
Income Tax
FILING PERIOD
2019
Your Social
Security Number
Spouse’s Social
Area code and daytime telephone number
For amended return, mark this box.
Louisiana Revised Statute 47:6025 allows a refundable tax credit equal to 25 percent of the Louisiana Citizens Property Insurance assessment that you paid between January 1, 2019, and December 31, 2019, as a part of your homeowner’s insurance premium. You may claim the Louisiana Citizens Property Insurance Corporation assessment refund on this form or on your individual income tax return, but not on both forms. Claiming the refund on both forms will delay your individual income tax return for review.
One Property
If you paid the Louisiana Citizens Property Insurance Corporation assessment for only one property, list the property’s address, the insurance company’s name, and the insurance policy number in the boxes below. Enter the amount of your paid assessment below on Line 1.
Address of Property
Insurance Company
Policy Number
More Than One Property
If you paid the Louisiana Citizens Property Insurance Corporation assessment for more than one property, complete the Supplement Schedule for Refund of Louisiana Citizens Property Assessment, Form R-INS Supplement, and attach it to this return. Enter the total amount of the assessments paid for all properties listed on the Supplement Schedules on Line 1 below.
YOU MUST ATTACH A COPY OF YOUR INSURANCE DECLARATION PAGE FOR ALL PROPERTIES.
REFUND
1. Enter the amount of the total assessment paid. . . . . . . . . . . . . . . . . . 對 . . . .
2. REFUND - Multiply Line 1 by 25 percent (.25). . . . . . . . . . . . . . . . . . 對 . . . .
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. I also consent that the Louisiana Department of Revenue may contact my insurance company/companies to verify the amount of the Louisiana Citizens Property Insurance Corporation assessment paid, and I further direct my insurance company/ companies to provide the Citizens Insurance Assessment information to the Louisiana Department of Revenue upon request.
Your Signature
Date (mm/dd/yyyy)
Spouse’s Signature (If filing jointly, both must sign)
PAID
PREPARER USE ONLY
Print Preparer’s Name
Preparer’s Signature
Check ■ if Self-employed
Firm’s Name ➤
Firm’s FEIN ➤
Firm’s Address ➤
Telephone ➤
MAIL TO:
Louisiana Department of Revenue
P. O. Box 3576
Baton Rouge, LA 70821-3576
For Office
PTIN, FEIN, or LDR Account Number
Use Only.
of Paid Preparer
6977
R-540INS(i) (1/19)
Instructions for Preparing your 2019 Louisiana Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment (R-540INS)
Mail return to:
About this Form
The return has been designed for electronic scanning, which permits faster processing with fewer errors. In order to avoid unnecessary delays caused by manual processing, taxpayers should follow the guidelines listed below:
1.An individual may file this form to claim the refund of the Louisiana Citizens Property Insurance Corporation assessment(s) that was paid during calendar year 2019.
2.Enter the amount only on the line that is applicable.
3.Complete the form by using a pen with black ink.
4. Because this form is read by a machine, please enter your numbers inside the boxes like this: 1 2 3 4 5
5.All numbers should be rounded to the nearest dollar.
6.Numbers should NOT be entered over the pre-printed zeros, in the boxes on the far right, which are used to designate cents (.00).
7. If you are filing an amended return, mark an “X” in the “Amended Return” box.
8.Failure to attach the Insurance Declaration Page(s) will result in this form being returned to you.
Name(s), address, and Social Security Number(s) – Enter your name(s), address, and Social Security Number(s) in the space provided. If married, please enter Social Security Numbers for both you and your spouse.
Information concerning the assessment amounts and Insurance Declaration Page – The amount of this assessment may appear as separate line items on what is referred to as the “Declaration Page” of your property insurance premium notice. The Declaration Page names the policyholder, describes the property or liability to be insured, type of coverage, and policy limits. Depending on the location of the insured property, these line item charges may be listed as: Louisiana Citizens FAIR Plan REGULAR Assessment, Louisiana Citizens FAIR Plan EMERGENCY Assessment, Louisiana Citizens Coastal Plan REGULAR Assessment, and/or Louisiana Citizens Coastal Plan EMERGENCY Assessment. Your total assessment paid is the total of these amounts, if they are shown on the Declaration Page.
Important note: If you are a customer of the Louisiana Citizens Insurance Corporation and you paid the Tax Exempt Surcharge, this surcharge may not be claimed.
•Enter the address of the property, the insurance company’s name, and the policy number in the spaces provided.
•Do you own more than one property that incurred an assessment?
If you had more than one property during 2019 that incurred an assessment, prepare and attach Form R-INS Supplement. For more than four properties, use additional R-INS Supplement forms. You must attach the Declaration Page for each property listed. Add all of the assessments that appear on the R-INS Supplement Form, and enter the total on Line 1.
9.Sign and date the return. Mail the return to the address at the top of this form.
Paid Preparer Instructions
If your return was prepared by a paid preparer, that person must also sign in the appropriate space, complete the information in the “Paid Preparer Use Only” box and enter his or her identification number in the space provided under the box. If the paid preparer has a Preparer Tax Identification Number (PTIN), the PTIN must be entered in the space provided under the box, otherwise enter the Federal Employer Identification Number (FEIN) or LDR account number. If the paid preparer represents a firm, the firm’s FEIN must be entered in the “Paid Preparer Use Only” box. The failure of a paid preparer to sign or provide an identification number will result in the assessment of the unidentified preparer penalty on the preparer. The penalty of $50 is for each occurrence of failing to sign or failing to provide an identification number.
When it's time to file for the refund of the Louisiana Citizens Property Insurance Corporation assessment, understanding how to properly fill out the R-540INS form can expedite the process and help ensure accuracy. This document serves as a formal request to reclaim a portion of the assessment paid as part of your homeowner's insurance premium in 2019. By following the outlined steps, you enable a smooth transition for your submission and reduce the likelihood of delays.
Step-by-Step Instructions for R-540INS Louisiana Form
After the form is fully completed, attach a copy of your insurance declaration page for all properties involved. Mail the completed form and attachments to the Louisiana Department of Revenue at the address provided. By carefully following these steps, accurately completing, and promptly submitting your R-540INS form, you can efficiently request your refund of the Louisiana Citizens Property Insurance Corporation assessment for the year 2019.
The R-540INS form is a document used to request a refund for a portion of the Louisiana Citizens Property Insurance Corporation assessment paid as part of the homeowner’s insurance premium for properties located in Louisiana. This form facilitates a refundable tax credit equal to 25% of the paid assessment for the calendar year 2019.
Individuals who have paid the Louisiana Citizens Property Insurance Corporation assessment as part of their homeowner’s insurance premium in 2019 are eligible. They must have either a single property or multiple properties that incurred this assessment during the year.
No, the refund can be claimed either on this form or on your individual income tax return, but not both. Attempting to claim the refund on both forms may delay the processing of your income tax return for review.
To calculate your refund, enter the total amount of the assessment paid for either your single property or combined properties (if applicable) on Line 1. Multiply the total amount on Line 1 by 25% (.25) and enter this figure on Line 2 for your refund amount.
You must attach a copy of your insurance declaration page for each property. This document(s) provides proof of the assessment's payment amount.
If assessments were paid for more than one property, complete the Supplement Schedule for Refund of Louisiana Citizens Property Assessment, Form R-INS Supplement, and attach it to this form. Include the insurance declaration page for each property listed on the supplement.
The completed form, along with the necessary documentation, should be mailed to the Louisiana Department of Revenue at P.O. Box 3576, Baton Rouge, LA 70821-3576. Ensure that all information is correctly filled out and that the document is signed before submission.
If filing an amended return, you must mark the “Amended Return” box on the form. This lets the Louisiana Department of Revenue know that the information being submitted updates a previously filed return.
To avoid delays:
Failure to provide accurate information, attach required documents, or correctly calculate the refund amount may result in the form being returned or delays in processing. Paid preparers who do not sign the form or provide an identification number may face a $50 penalty for each occurrence.
When filling out the R-540INS Louisiana form, which is a Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment, people often make errors that can lead to delays or even denial of their refunds. Being aware of these common mistakes ensures smoother processing of your claim.
Not attaching the Insurance Declaration Page(s): A crucial step in completing the R-540INS form is attaching the Insurance Declaration Page for each property you're claiming a refund on. Failing to do so will result in the form being returned to you, causing unnecessary delays in processing your refund.
Incorrectly entering Social Security numbers: The form requires your Social Security Number (SSN) along with your spouse’s SSN if filing jointly. Entering these numbers incorrectly can lead to processing errors or potential fraud issues, significantly delaying your refund.
Filing on both the R-540INS form and individual income tax return: You have the option to claim the Louisiana Citizens Property Insurance Corporation assessment refund either on this form or on your individual income tax return, but not on both. Doing so will flag your returns for review, delaying your refund.
Omitting property details for more than one property: If you paid assessments for more than one property, completing the Supplement Schedule for Refund of Louisiana Citizens Property Assessment (Form R-INS Supplement) is necessary, along with attaching the Declaration Page for each listed property. Failing to provide comprehensive details can lead to incomplete processing of your refunds for all properties.
Pay careful attention to these details to ensure a smooth and timely refund process. Remember, this form allows you to claim back 25 percent of the Louisiana Citizens Property Insurance Corporation assessment you paid, making it critical to get it right the first time.
When dealing with the R-540INS Louisiana form, which focuses on requesting a refund for the Louisiana Citizens Property Insurance Corporation Assessment, several additional documents often play a pivotal role in the process. To streamline your efforts and ensure a comprehensive approach, the following items can be helpful:
In navigating the complexities of tax and insurance forms, ensuring you have the correct accompanying documents is a critical step towards a successful filing. The documents listed above work in conjunction with the R-540INS form to provide a complete and accurate representation of your eligibility for a refund. Keeping these additional forms in mind will simplify the process and aid in a more efficient resolution.
The R-540INS Louisiana form is similar to other forms used for tax benefits or refunds related to property and insurance. One such document is the Federal Form 1040 Schedule A, where taxpayers can itemize deductions including certain non-business taxes paid such as real estate taxes and personal property taxes. Although the Schedule A form is used primarily for federal tax returns and encompasses a wider range of deductions, it shares the concept of reducing tax liability through specific expenses with the R-540INS form. Both forms require the taxpayer to provide detailed information about the expenses or payments made in order to claim a tax benefit. The Schedule A form, like the R-540INS, necessitates documentation to support the deductions claimed, such as statements or receipts.
Another document that bears similarity to the R-540INS Louisiana form is the Form 8396, Mortgage Interest Credit. This form is designed for taxpayers who receive a mortgage credit certificate from a state or local governmental unit or agency. The purpose of Form 8396 is to allow homeowners to claim a credit for a portion of the mortgage interest paid. Similar to the R-540INS form, which provides a refund or credit for property insurance assessments, Form 8396 aims to relieve taxpayers of a portion of their home-related expenses through the tax system. Both forms directly benefit the taxpayer by reducing the amount of tax owed, and they both require specific information about the property and payments made. Importantly, these forms reflect the policy of using the tax code to subsidize or support certain desired behaviors or investments, such as homeownership, in this instance.
When it comes to filling out the R-540INS Louisiana form, it’s important to pay close attention to detail to ensure a smooth process. Here are five things you should do and five things you shouldn’t do:
Do:
Use a pen with black ink as the form is designed for electronic scanning, which helps in faster processing.
Ensure that all numbers are rounded to the nearest dollar to avoid confusion and errors in processing.
Mark the “Amended Return” box with an “X” if you're filing an amended return to notify the system properly.
Attach the Insurance Declaration Page(s) for all properties. Failure to do so will result in the form being returned to you.
Sign and date the return at the bottom of the form. If filing jointly, ensure both you and your spouse sign.
Don’t:
Enter numbers over the pre-printed zeros in the boxes on the right side designed to designate cents (.00).
Claim the refund on both this form and your individual income tax return, as it will delay your tax return for review.
Forget to enter the amount of the total assessment paid in the boxes provided. Be precise to ensure correct processing.
Misplace the preparer’s identification number, if your return is prepared by a paid preparer. It is crucial for the preparer to sign and include their identification number.
Leave out the Social Security Numbers for both yourself and your spouse if married and filing together. This information is necessary for processing.
When it comes to understanding the R-540INS Louisiana form and the process it entails, several misconceptions can arise. Below are explanations designed to clarify these common misunderstandings:
Only homeowners can file the R-540INS form. This is a misconception because the form is relevant not only to homeowners but to any individual or entity that paid the Louisiana Citizens Property Insurance Corporation assessment as part of their property insurance, provided they meet the specified criteria within the tax year.
The form can be filed anytime during the year. Incorrect. There is a specific filing period each year for the form, which aligns with the tax filing season. Submissions outside this period may not be processed timely or could be considered invalid.
Filing the R-540INS automatically ensures a refund. Filing the form is just the first step. The refund is contingent upon proper completion of the form, verification of the insurance assessment paid, and adherence to the Louisiana Department of Revenue's requirements.
Electronic submissions of the form are not permitted. This is not true. The form has been designed for electronic scanning to facilitate faster processing, which implies that electronic submissions are not only permitted but encouraged.
The insurance assessment amount can be estimated. Accuracy is crucial. The amount of the assessment paid, as reflected in your insurance declaration page, must be entered accurately. Estimations can lead to discrepancies and potentially delay the refund process.
Only the summary page of the insurance declaration needs to be attached. However, to avoid any processing delays, the complete insurance declaration page showing the assessment charge must be attached for each property listed.
Amended returns are not allowed for the R-540INS. Amended returns are indeed permissible as indicated by the specific checkbox on the form. If errors are discovered after submission, taxpayers can file an amended return to correct the information.
Multiple properties require multiple forms. If assessments are paid on more than one property, a supplemental schedule (Form R-INS Supplement) should be completed and attached rather than filing multiple main forms.
Any amount paid toward Louisiana Citizens Property Insurance is refundable. It is essential to note that only the assessment portion is eligible for the refund, not the entire premium or other fees/surcharges associated with the policy.
The paid preparer’s section is optional. If the form is prepared by someone other than the taxpayer, this section must be completed, including the preparer's signature and identification number. Failure to complete this section accurately can lead to penalties against the preparer.
Understanding these aspects of the R-540INS form can help ensure that the process is navigated correctly and efficiently, minimizing delays and maximizing the potential for receiving the rightful refund.
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