Looking for a Iowa Tax Forms And Templates? Download it for free!

Instructions for Schedule F - Net Operating Loss (NOL)

income or net operating loss subject to Iowa tax for purposes of net operating

loss carryover and carryback limitations must be as follows:

Schedule F should be attached for supporting detail if a net operating

E =

separate corporation contribution to

loss (NOL) deduction is taken on IA 1120, line 15. Be sure to reflect any

consolidated income subject to Iowa tax.

prior Iowa audits which may have corrected amounts originally reported. The

NOL amount applied to the current year must not exceed the amount on the

A = Separate corporation gross sales within and without Iowa

IA 1120, line 14.

after elimination of all intercompany transactions.

The net operating loss must be carried back or over to the applicable

B = Consolidated gross sales within and without Iowa after

period as a reduction of the net income attributable to Iowa for that

elimination of all intercompany transactions.

period. An Iowa net operating loss cannot be carried back to a period in

C = Iowa consolidated net income subject to apportionment

which the taxpayer was not doing business in Iowa. A net operating loss

(IA 1120, line 10).

cannot be carried forward if it was incurred in a period in which the

D = Separate corporation gross sales within Iowa after

taxpayer was not doing business in Iowa. If the election under section

elimination of all intercompany transactions.

172(b)(c) of the Internal Revenue Code is made, the Iowa net operating

E = Separate corporation income allocable to Iowa.

loss must also be carried forward. The carryforward is 15 taxable periods

for tax periods beginning on or before August 5, 1997.

Instructions for Schedule G -

Alternative Minimum Tax Loss (AMT NOL)

For tax periods beginning after August 5, 1997, but before January

1, 2009, net operating losses may be carried back two taxable periods

Schedule G is required if there is an alternative minimum tax net

and carried forward 20 taxable periods. Net operating losses for tax

operating loss (AMT NOL) claimed on Schedule IA 4626. These losses

periods beginning after August 5, 1997, but before January 1, 2009, can

are carried back or forward in the same way as regular net operating

be carried back three years only for losses incurred in a presidentially-

losses.

declared disaster area by a taxpayer engaged in a small business.

The computation of a separate corporation’s contribution to

Iowa did not adopt the 5-year carryback provision for net operating

consolidated AMT income or AMT net operating loss for purposes of

losses incurred in 2008 for small businesses as set forth in the federal

the net operating loss carryover or carryback is the same formula as set

American Recovery and Reinvestment Act of 2009.

forth above, except that C is the Iowa consolidated AMT income subject

to apportionnment from the Schedule IA 4626, line 7.

The carryback period for net operating losses from farming

businesses is five years to the extent the net operating losses are for tax

The AMT NOL amount applied to the current year is limited to 90%

years beginning on or after January 1, 1998, but before January 1, 2009.

of the amount on line 11 on Schedule IA 4626. The total for column E

Any Contribution Conversion Adjustment, if applicable, should be listed

must equal the amount entered on the Schedule IA 4626, line 12.

separately for each period.

For tax periods beginning on or after January 1, 2009, both the Iowa

net operating loss (NOL) and alternative minimum tax net operating loss

(AMT NOL) can only be carried forward 20 taxable periods.

Computation of a separate corporation’s contribution to consolidated

42-020b (07/18/13)

Schedule F - Net Operating Loss (Nol), Schedule G - Alternative Minimum Tax Loss (Amt Nol) Page 2

Related Articles

Related forms

Related Categories