Fillable Ia 1120x, Iowa Amended Corporation Income Tax Return (Page 2 of 2) in pdf

Schedule of Changes to Income, Deductions and Credits

Item Description

Amount

IA 1120X Amended Corporation Instructions

Form IA 1120X is to be filed to make any changes

Line 19: Alternative Minimum Tax - Include a copy

of the corporation’s original IA 4626, revised IA

to a previously-filed form IA 1120 or 1120A.

Please enclose a copy of page 1 of the company’s

4626, and the federal 4626.

Iowa return as filed and any federal forms detailing

Line 21: Credits - Enclose IA 148 Tax Credits

the changes.

Schedule.

If the change was due only to the carryback of a

Line 22: Payments - Include tax amount only;

capital loss use form IA 1139-CAP.

exclude penalty and interest.

Requests for refund must be filed within three

Line 26b: Note: Penalties can only be waived

years of the due date of the original return, or the

under limited circumstances, as described in Iowa

postmark of the late filed return with extension, or

Code section 421.27.

within one year of payment.

Failure to Timely File a Return: A penalty of 10%

Refund claims resulting from a federal audit after

will be added to the tax due for failure to timely file

the above statute has expired must be filed within

a return if the return is filed after the original due

six months of the date the audit was finalized by

date of the return and if at least 90% of the correct

the Internal Revenue Service. Include the final

amount of tax is not paid by the original due date

determination letter from the federal audit.

of the return.

Check the appropriate “Reason for Amendment.”

Failure to Timely Pay the Tax Due or Penalty for

Complete “Schedule of Changes” above. Enter the

Audit Deficiency: A penalty of 5% will be added to

line reference from page 1 for which you are

the tax due if the return is filed by the original due

reporting a change and give the reason for each

date and at least 90% of the correct amount of tax

change. Include applicable schedules.

is not paid by the original due date of the return.

Tax Period: Enter dates as MMDDYY.

When the failure to file penalty and the failure to

Filing Status: Enter the number for filing status.

pay penalty are both applicable, only the failure to

 Filing status 1, Separate Iowa/Separate Federal

file penalty will apply.

 Filing status 2, Separate Iowa/Consolidated

Penalty for Willful Failure to File: A penalty of 75%

will be added to the tax due for willful failure to file

Federal

 Filing Status 3, Consolidated Iowa/Consolidated

a return or for filing with intent to evade tax.

Federal

Line 27: Interest - Interest accrues on any unpaid

tax from the original due date of the return.

Type of Return: Enter the number for type of

Interest will be computed by the Department for

return.

any overpayment of tax.

 1 Regular Corporation

Line 30: Credit to next period’s estimated tax can

 2 Cooperative

only be changed if requested by the last day of the

 3 UBIT

subsequent tax year.

Line 18: Computed tax – If line 17 is:

Where to File:

Under $25,000; multiply line 17 by 6%

Corporation Tax Return Processing

$25,000 to $100,000; multiply line 17 by 8% and

Iowa Department of Revenue

subtract $500

PO Box 10468

$100,000 to $250,000; multiply line 17 by10% and

Des Moines IA 50306-0468

subtract $2,500

Questions: 515-281-3114 or 1-800-367-3388

Over $250,000; multiply line 17 by 12% and

subtract $7,500

Email: idr@iowa.gov

42-024b (07/02/15)

Ia 1120x, Iowa Amended Corporation Income Tax Return Page 2

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