Instructions For Form Ia 1040 - Iowa Individual Income Tax Form

STEP 5 GROSS INCOME

If you use filing status 3 (married filing separately on combined return), complete both columns A and B of the IA 1040. All other filing statuses

complete only column A. ALL taxpayers, including nonresidents and part-year residents, report income from ALL SOURCES in this section.

Nonresidents and part-year residents also report Iowa-source income on Schedule IA 126, where a CREDIT is calculated.

LINE 1. Wages, Salaries, Tips, Etc. Report the same W-2 income as

MARRIED SEPARATE FILERS: Divide dividends based on registered

shown on your federal income tax return, including military income.

ownership of stock.

See online Expanded Instructions, line 24, for allowable military

a. Jointly held: Divide equally between spouses.

adjustments.

b. Held in the name of only one spouse: Allocate dividends wholly to

MARRIED SEPARATE FILERS: W-2 income is reported by the spouse

that spouse.

earning the income.

LINE 4. Alimony Received. Include the same alimony as is shown on

LINE 2. Taxable Interest Income. Include the same amounts of

your federal return.

interest income reported on your federal return with the following

MARRIED SEPARATE FILERS: Reported by the spouse who

modifications:

received the alimony.

Add interest from state and municipal securities unless

LINE 5. Business Income/Loss. Report the net business income

specifically exempt from Iowa tax. The following securities

or loss from federal Schedule C or C-EZ. Include a copy of the federal

are exempt: Aviation Authority Bonds, IA Code sec.

form. Need a sales tax permit? Check

330A.16; Beginning Farmer Loan Program Bonds, IA Code

MARRIED SEPARATE FILERS: Reported by the spouse deriving the

sec. 16.64; Community College Bond Program Bonds, IA

income or loss.

Code sec. 260C.71(6); Community College Residence

Halls and Dormitories Bonds, IA Code sec. 260C.61;

LINE 6. Capital Gain/Loss. Enter 100% of any capital gain or loss as

County Health Center Bonds, IA Code sec.

reported on line 13 of your federal 1040. Do not subtract any Iowa

331.441(2)C(7); E911 Emergency Telephone Service

capital gain deduction on this line. See line 23. Include a copy of your

Program Bonds, IA Code sec. 34A.20(6); Interstate

federal Schedule D and form 8949.

Bridges Bonds, IA Code sec. 313A.36; IA Board of Regents

MARRIED SEPARATE FILERS: Taxpayers who filed separate federal

Bonds for buildings and facilities, IA Code chapters 262. 41,

returns should report capital gain or loss as reported for federal tax

262.51, 262.60, and 262A.8; IA Higher Education Loan

purposes. If a joint federal return was filed, each spouse must report

Authority, IA Code sec. 261A.27; IA Municipality Urban Renewal

capital gain on the basis of ownership of the property sold or

Bonds, IA Code sec. 403.9(2); IA Rural Water District

exchanged. The combined net capital gain or loss must be the same

Revenue Bonds and Notes, IA Code sec. 357A.15; Low

as reported on the joint federal return.

Income Housing Bonds, IA Code sec. 403A.12; Prison

LINE 7. Other Gains/Losses. If you sold or exchanged assets used

Infrastructure Revenue Bonds, IA Code sec. 16.177(8);

in a trade or business and completed federal form 4797, enter

Regents Institutions Medical and Hospital Buildings at

100% of the gain or loss. Include a copy of federal form 4797.

University of IA Bonds, IA Code sec. 263A.6; Soil

Conservation Districts Revenue Bonds, IA Code sec. 161A.22;

MARRIED SEPARATE FILERS: Divide gains or losses based on

Quad Cities Interstate Metropolitan Authority Bonds, IA

ownership of the asset sold or exchanged.

Code sec. 28A.24; Sewage Treatment Works Revenue

LINE 8. Taxable IRA Distributions. Enter the amount of taxable

Bonds, IA Code sec. 16.131(5); Underground Storage

IRA distributions as shown on your federal return.

Tank Fund Revenue Bonds, IA Code sec. 455G.6(14);

Vision IA Program, IA Code sec. 12.71; ; IA Utilities Board

MARRIED SEPARATE FILERS: Taxable IRA distributions should

be reported by the spouse whose name is on the account.

and Consumer Advocate Building Bonds, IA Code sec.

12.91(9); Honey Creek Premier Destination Park Bonds, IA

LINE 9. Taxable Pensions and Annuities. The same amounts

Code sec. 463C.12(8), School Infrastructure Program

of pensions and annuities are taxable for Iowa as are taxable on

Bonds, IA Code sec. 12.81(8); Appropriation Bonds, IA

your federal return, except Railroad Retirement benefits paid by the

Code sec. 12.87(8).

Railroad Retirement Board and military retirement pay. These are

not taxable on the Iowa return. Do not subtract any Iowa pension

Deduct interest received from federal securities (for

exclusion on this line. See line 21.

example, U.S. Savings Bonds, U.S. Treasury Notes). Do not

subtract interest from repurchase agreements of U.S.

MARRIED SEPARATE FILERS: The taxable portion of pensions and

Government securities. The following are taxable:

annuities is reported by the spouse who received the income.

Government National Mortgage Assoc. (Ginnie Mae)

LINE 10. Rents, Royalties, Partnerships, Estates, Etc. Report the

Securities; Federal National Mortgage Assoc. (Fannie

income or loss from federal Schedule E and include a copy.

Mae) Securities; Federal Home Loan Mortgage Assoc.

(Freddie Mac) Securities; Federal Agricultural Mortgage

MARRIED SEPARATE FILERS: Divide income or loss from Schedule

Corporation (Farmer Mac).

E based on ownership of the asset-producing income or partnership

interest or individual named as beneficiary.

MARRIED SEPARATE FILERS: Divide interest income based on

LINE 11. Farm Income/Loss. Enter the income or loss from federal

ownership of the account or certificate.

Schedule F and include a copy.

1. Jointly held: Divide equally between spouses.

MARRIED SEPARATE FILERS: Farm income must be reported by the

2. Held in the name of only one spouse: Allocate interest wholly to

spouse who claims it for self-employment tax purposes on the federal

that spouse.

Schedule SE.

LINE 3. Ordinary Dividend Income. Report the same dividends as

LINE 12. Unemployment Compensation. Enter the amount of

you reported on your federal return with the following modifications:

unemployment compensation benefits that was taxable on your

a. Add all dividends from mutual funds, investment trusts, or regulated

federal return, except for unemployment compensation and sickness

investment companies investing in state and municipal bonds.

insurance benefits paid by the Railroad Retirement Board.

b. Deduct that portion of any net dividends from a mutual fund,

MARRIED SEPARATE FILERS: If both spouses received

investment trust, or regulated investment company that is attributable

unemployment benefits, each of the spouses should report the

to federal securities.

benefits received as shown on the 1099-G for each spouse.

Page 2

41-002c (11/13/14)

Instructions For Form Ia 1040 - Iowa Individual Income Tax Form - 2014 Page 3

Related Articles

Related forms

Related Categories