Iowa Corporation Income Tax Instructions - 2014

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2014 Iowa Corporation Income Tax Instructions
To obtain copies of schedules and forms:
Additional information can be found on the Department website ( ).
Email: idr@iowa.gov
Questions:
515-281-3114 or 1-800-367-3388
Hours: 8 a.m. – 4:15 p.m. CT, Monday – Friday.
Legal Information
to anyone who is not an Iowa Department of
Confidentiality
and
Fair
Information
Revenue
or
Internal
Revenue
Service
Practices Notice - Information from this
employee. Any Department of Revenue
return may be made available to the Internal
employee who discloses tax information
Revenue Service or to tax officials of another
without legal authority is subject to a fine of
state under a tax information exchange
$1,000.
program.
Except
as
allowed
by
law,
information on this return cannot be released
Internal Revenue Code (IRC) Changes
IA 148 Tax Credits Schedule
At the time of publication, Iowa has not
The IA 148 Tax Credits Schedule must be
adopted any federal Internal Revenue Code
completed for any tax credits claimed other
changes regarding the determination of
than the fuel tax credit on Schedule C1.
income that occurred after January 1, 2014.
Other Forms
Net Operating Loss Carryback
The IA 1139-CAP must be used to carry back
For tax years beginning on or after January 1,
only a capital loss for tax periods beginning on
2009, corporations are no longer allowed to
or after January 1, 2009.
carry back Iowa net operating losses. All net
The IA 1120X must be used to change a
operating losses are allowed to be carried
previously filed IA 1120 unless the change
forward for 20 tax years. However, any federal
was due only to a capital loss carryback.
refund due to the carryback of a federal net
operating loss must still be reported as income
Auxiliary Schedules
on the Iowa return to the extent a deduction
Form
IA
4562B
Iowa
Depreciation
for federal taxes was allowed on prior Iowa
Accumulated Adjustment Schedule must be
returns.
completed to record the cumulative effect of
Capital Loss Carryback
the depreciation adjustment and must be
Corporations may still carry back a capital loss
included with the return.
to the three preceding tax years. Refund
Schedules F and G must be completed when
requests for a capital loss carryback must be
net operating losses are being carried forward.
made on form IA 1139-CAP.
Schedule
H
must
be
completed
by
Solar Energy Systems Tax Credit
corporations with filing status 2 or 3 to
For tax years beginning on or after January 1,
document the computation of any federal tax
2014, the Iowa solar energy system tax credit
deduction and/or refunds included in the Iowa
is 60% of the federal Solar Energy Credit, with
return.
a maximum Iowa credit for a business
Schedules I and J must be used by
installation of $20,000.
corporations with filing status 3 to document
information included in the Iowa return.
These auxiliary schedules can be obtained on
the Department’s website.
1
42-002 (09/08/14)

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