Form Ia 1139-Cap - Application For Refund Due To The Carryback Of Capital Losses - 2009 Page 2
ADVERTISEMENT
1
2IA 1139-CAP Instructions
All amounts should be in whole dollars.
6. Nonbusiness Income: Amount from line 9, IA 1120,
or from IA 1120F and/or schedules, or as last
Tax periods beginning on or after January 1, 2009
computed.
For tax periods beginning on or after January 1, 2009, both
7. Income Subject to Apportionment: Subtract line 6
the Iowa net operating loss (NOL) and alternative minimum
from line 5.
tax net operating loss (AMT NOL) can only be carried
8. Iowa Percentage: Amount from line 11, IA 1120 or
forward 20 taxable periods.
as last computed. For IA 1120A, enter 100%.
Tax years beginning prior to January 1, 2009
9. Income Apportioned to Iowa: Multiply line 7 by
For tax years beginning prior to January 1, 2009, an Iowa
line 8.
net operating loss or an Iowa alternative minimum tax net
10. Iowa Nonbusiness Income: Amount from line 13, IA
operating loss can be carried back by using form IA 1139-
1120, as last computed, or from IA 1120F and/or
NOL.
schedules.
11. Income Before Net Operating Loss: Add lines 9 and
General Instructions
10.
Form IA 1139-CAP can be used only for the carryback of
an Iowa capital loss. If any other changes are involved,
12. Iowa Net Operating Loss Carryforward: Amount
form IA 1120X must be filed.
from line 15, IA 1120, or line 9, IA 1120A, as last
computed, or from IA 1120F and/or schedules.
Carryback claims must be filed within three years of the
due date of the return producing the capital loss. Attach
13. Iowa Net Operating Loss: “As last reported” and
copies of page 1 of your Iowa return for all periods
“After carryback” - loss previously carried back.
involved with this claim, including the loss year and any
14. Income Subject to Tax: Subtract lines 12 and 13
federal claims involved (1139 or 1120X).
from line 11.
15. Computed Tax: Multiply line 14 by the following:
Specific Instructions
Corporation Tax
Corporation name and address and FEIN: Check box if
If line 14 is:
different than on returns as filed.
Under $25,000 .............. 6%
Tax Type: Check the appropriate box.
$25,000 to $100,000 .... 8% minus $500
Loss Information: Provide the amount of Iowa capital
$100,000 to $250,000 .. 10% minus $2500
loss. Show the remaining loss to be carried forward after
Over $250,000 .............. 12% minus $7500
this carryback. Indicate whether any year involved in this
Franchise Tax on Financial Institutions
claim has been adjusted by federal audit. If yes, include a
Total income subject to tax: 5%
copy of the federal audit.
16. Alternative Minimum Tax: Amount from IA 4626,
As Last Reported On: The figures used should be from
from IA 4626F, or as last computed. If the amount of
the last form filed (IA 1120, IA 1120A, IA 1120X or IA
alternative minimum tax or alternative minimum tax
1120F, 1139 claim for refund, amended return, or last audit
credit is changed, the original computation and the
completed). Provide the form number of the last form filed
revised computation must be attached.
or the date of the last Iowa audit.
17. Total Tax Liability: Add lines 15 and 16.
18. Recomputed Tax Liability: Amount from line 17
Line Instructions
“after carryback.”
1. Net Income: Iowa income as last computed after
additions and reductions on line 8 of the IA 1120 or IA
Enter the preparer’s SSN, FEIN, or
Preparer’s ID No:
1120A. Include adjustments to federal domestic
PTIN.
production activities deduction.
Mail completed form with applicable attachments to:
2. Iowa Capital Loss: Amount of loss from federal return
Examination Section
or refund claim.
Iowa Department of Revenue
4. 50% Federal Refund from Capital Loss (accrual
PO Box 10456
basis only): 50% of the amount from any applicable
Des Moines IA 50306-0456
federal claim. If refund is due to both a capital loss and
Questions?
a net operating loss, compute the amount attributable to
the capital loss in the following manner: federal capital
Call: 515/281-3114 (Des Moines, out of state) or
loss ÷ (capital loss + net operating loss) x federal refund
1-800-367-3388 (Iowa, Omaha, Rock Island, Moline)
x 50%. This line does not apply to IA 1120F.
E-mail: idr@iowa.gov
42-028b (06/24/09)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial