2012 Ia 1120f Instructions (Page 2 of 3) in pdf

2012 IA 1120F Line Instructions

19. TOTAL CREDITS AND PAYMENTS: Line 16 plus

1. TAXABLE INCOME PER FEDERAL RETURN:

Enter the amount of federal taxable income computed

line 17 plus line 18.

after the federal dividend deduction but before the

20. NET AMOUNT: Line 15 minus line 19.

federal net operating loss.

21. PENALTY (IA 2220): Penalty for Underpayment of

2. INTEREST AND DIVIDENDS: Enter total interest

Estimated Tax. A financial institution owing $1,000 or

and dividends from the evidences of indebtedness and

more in franchise tax and which has not paid adequate

from securities of state and other political subdivisions

estimated payments is subject to an underpayment of

exempt from federal income tax. Also enter interest and

estimated tax penalty in addition to the tax and late

dividends received from obligations of United States

penalties. Iowa 2220 penalties may be assessed even if

possessions purchased after January 1, 1991. If the

the return is overpaid by the original due date if the

amount on this line differs from the amount shown on

amount and/or timing of the estimated payments is

line 7 of federal form 1120, Schedule M-1, a schedule

incorrect. Please attach form IA 2220 to the IA 1120F.

reconciling the two amounts must be supplied.

22. PENALTY:

3. IOWA FRANCHISE TAX EXPENSED ON

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

FEDERAL RETURN: Enter the amount of Iowa

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

franchise tax expensed on your federal return.

return if the return is filed after the original due date

4. OTHER ADDITIONS: List other additions to Iowa

and if 90% or more of the correct amount of tax is not

income on IA 1120F, page 2, Schedule A, and enter the

paid by the original due date of the return.

total on this line. Include the depreciation adjustment

Failure to Timely Pay the Tax Due or Penalty for

from the IA 4562A and attach forms IA 4562A and

Audit Deficiency. A penalty of 5% will be added to the

IA 4562B.

tax due if at least 90% or more of the correct amount of

5. TOTAL IOWA INCOME: Add lines 1 through 4.

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

6. OTHER REDUCTIONS: List other reductions to

When both the failure to file penalty and the failure to

Iowa income on IA 1120F, page 2, Schedule D, and

pay penalty are applicable, only the failure to file

enter the total on this line. Include the depreciation

penalty will apply. Penalties can only be waived under

adjustment from the IA 4562A and attach forms IA

limited circumstances.

4562A and IA 4562B.

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

7. INCOME SUBJECT TO APPORTIONMENT:

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

Subtract line 6 from line 5.

return or for filing with intent to evade tax.

8. IOWA PERCENTAGE: Enter the amount from IA

23. TOTAL PENALTIES: Line 21 plus line 22.

59F, line 19.

24. INTEREST: For each month the required tax is not

9. DEDUCTION FOR APPORTIONED INCOME:

paid, interest accrues on the unpaid tax at a rate

Enter the amount from IA 59F, line 22.

prescribed by law from the due date of the return until

10. IOWA NET OPERATING LOSS: Enter the amount of

payment is received. Any portion of a month is

Iowa net operating loss deduction. Please provide a

considered a full month when calculating interest due

complete schedule of the loss on IA 1120, Schedule F.

on unpaid taxes.

11. TOTAL REDUCTIONS: Line 6 plus line 9 plus line

25. TOTAL DUE: Line 20 plus line 23 plus line 24. Make

10.

check payable to “Treasurer, State of Iowa.” Do not

send cash by mail.

12. IOWA NET INCOME: Line 5 minus line 11.

26. NET OVERPAYMENT: Enter the amount of

13. COMPUTED TAX: Enter 5% of line 12.

overpayment. If applicable, reduce the overpayment by

14. MINIMUM TAX: Enter the amount of Iowa minimum

the penalty on line 21.

tax from IA 4626F.

27. CREDIT TO NEXT PERIOD’S ESTIMATED TAX:

15. TOTAL: Line 13 plus line 14.

Enter the amount of overpayment to be credited to

16. MINIMUM TAX CREDIT: The Iowa credit is

future tax liabilities. The carryforward election can only

computed on form IA 8827F and must be attached to

be made when the return is filed before the end of the

the IA 1120F if this credit is claimed.

next tax period. If a return is filed after the end of the

17. OTHER CREDITS: Complete IA 148 Tax Credits

next tax period, the overpayment will not be credited,

Schedule.

but instead will be refunded. The total of the amount

18. PAYMENTS: Complete Schedule C on page 2.

claimed for refund and the amount claimed for credit to

Amended return filers must record the tax amount

2013 estimated tax must equal the overpayment

previously paid or refunded on the original return on

amount.

Schedule C and reduce or increase net payments

28. REFUND: Enter the amount of overpayment to be

accordingly.

refunded.

43-008b (08/22/12)

2012 Ia 1120f Instructions Page 2

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