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IA 1139-NOL Instructions continued

Line Instructions

operating loss can be carried back by using form IA 1139-

Lines 1 through 9 do not need to be completed if the

NOL.

only change is an alternative minimum tax loss.

Capital Losses

1. Net Income: Iowa income as last computed, after

Capital losses may be carried back on form IA 1139-CAP.

additions and reductions on line 8 of the IA 1120 or IA

General Instructions

1120A. Include adjustments to federal domestic

Form IA 1139-NOL can be used only for the carryback of an

production activities.

Iowa net operating loss or an Iowa alternative minimum tax

2. Nonbusiness Income: Amount from line 9, IA 1120, or

net operating loss. If any other changes are involved, form IA

from IA 1120F and / or schedules, or as last computed.

1120X must be filed.

3. Income Subject to Apportionment: Subtract line 2 from

Carryback claims must be filed within three years of the due

line 1.

date of the return producing the loss. Attach copies of page 1

4. Iowa Percentage: Amount from line 11, IA 1120, or as

of your Iowa return for all periods involved with this claim,

last computed. For IA 1120A, enter 100%.

including the loss year and any federal claims involved (1139

5. Income Apportioned to Iowa: Multiply line 3 by line 4.

or 1120X). Include supporting documentation for an

alternative minimum tax loss (both federal and Iowa

6. Iowa Nonbusiness Income: Amount from line 13, IA

alternative minimum tax schedules for the loss year and

1120, as last computed, or from IA 1120F and / or

carryback years).

schedules.

For tax years beginning after August 5, 1997, and prior to

7. Income Before Net Operating Loss: Add lines 5 and 6.

January 1, 2009, an Iowa net operating loss may be carried

8. Iowa Net Operating Loss Carryforward: Amount from

back two tax periods and carried forward 20 tax periods. Prior

line 15, IA 1120, or line 9, IA 1120A, as last computed, or

to January 1, 2009, losses resulting from a casualty or theft

from IA 1120F and / or schedules.

loss or losses attributable to a presidentially-declared disaster

9. Iowa Net Operating Loss Carryback: “As last reported”

area can be carried back three years.

- loss previously carried back. “After carryback” - current

period net operating loss plus previous loss.

Specific Instructions

Corporation name and address and FEIN: Check box if

10. Income Subject to Tax: Subtract lines 8 and 9 from line

different than on returns as filed.

Tax Type: Check the appropriate box.

11. Computed Tax: Multiply line 10 by the following:

Loss Information: Check the appropriate box and provide the

Corporation Tax

amount of Iowa loss. Show the remaining loss to be carried

If line 14 is:

forward after this carryback. Indicate whether any year

Under $25,000 .............. 6%

involved in this claim has been adjusted by federal audit. If

$25,000 to $100,000 .... 8% minus $500

yes, include a copy of the federal audit.

$100,000 to $250,000 .. 10% minus $2500

Over $250,000 .............. 12% minus $7500

Accrual basis tax returns

Franchise Tax on Financial Institutions

In computing the Iowa net operating loss carryback for accrual

Total income subject to tax: 5%

basis tax returns, the net operating loss year should be reduced

12. Alternative Minimum Tax: Amount from IA 4626, from

by 50% of the federal tax refunds accruing to the loss year. If

IA 4626F, or as last computed. If the amount of minimum

you are using filing status 2 or 3, the federal refund is

tax or minimum tax credit is changed, the original

computed using the “Loss Producers” formula set forth on

computation and the revised computation must be

Schedule H, Computation of Federal Tax Refund / Deduction.

attached.

Even though the federal rule on state refunds has changed,

13. Total Tax Liability: Add lines 11 and 12.

Iowa is not changing its position on the accrual of federal

refunds. We will still require the federal refund to be accrued

14. Recomputed Tax Liability: Amount from line 13 “after

to the Iowa loss year return.

carryback.”

As Last Reported On: The figures used should be from the

Preparer’s ID No: Enter the preparer’s SSN, FEIN, or

last form filed ( IA 1120, IA 1120A, IA 1120X or IA 1120F,

PTIN.

1139 claim for refund, amended return, or last audit

Mail completed form with applicable attachments to:

completed). Provide the form number of the last form filed or

Examination Section

the date of the last Iowa audit.

Iowa Department of Revenue

PO Box 10456

Des Moines IA 50306-0456

Questions? Call: 515-281-3114

(Des Moines, out of state) or

1-800-367-3388

(Iowa, Omaha, Rock Island, Moline)

E-mail: idr@iowa.gov

42-026b (06/24/09)

Form Ia 1139-Nol - Application For Refund Due To The Carryback Of Net Operating Losses And Alternative Minimum Tax Losses - 2009 Page 2

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