Instructions For Form Ia 1040 - Iowa Individual Income Tax Form

LINE 61. Other Refundable Credits. Enter the total of other credits

LINE 65. Iowa Income Tax Withheld. Enter the total amount of

from Part II, IA 148 Tax Credits Schedule. See the 2014 online

income tax withheld for Iowa on your W-2s, W-2Gs, and/or 1099s.

Expanded Instructions for a list of credits. Include the IA 148 with the IA

LINE 66. Estimated and Voucher Payments. Enter the total amount

1040.

of 2014 Iowa estimated tax payments. This includes any fourth quarter

LINE 64. Taxpayers Trust Fund Tax Credit. A tax credit of $15 can

payment made in January 2015 and any payments made with the IA

be claimed for each taxpayer who files a 2014 Iowa 1040 return by

1040V Payment Voucher for 2014. Also include any amount applied to

November 2, 2015. For taxpayers who file a joint return or married

your 2014 Iowa estimated tax from line 71 of your 2013 Iowa income tax

filing separately on a combined return, each spouse can claim the $15

return.

credit. The credit is limited to the tax liability shown on line 63, and

there is no carry forward of any excess credit that is unused.

STEP 11 REFUND OR AMOUNT DUE

LINE 73. Penalty for Underpayment of Estimated Tax:

Failure to Timely Pay the Tax Due or Penalty for Audit Deficiency: A

If you are required to make estimated tax payments but fail to make

penalty of 5% will be added to the tax due if the return is filed by the

the payments, you are subject to a penalty in addition to any tax you

original due date and at least 90% of the correct amount of tax is not

may owe. The penalty is determined in the same way as for federal

paid by the original due date of the return.

purposes. Consequently, you must include your Iowa income, lump-

When the failure to file penalty and the failure to pay penalty are both

sum, and minimum taxes when calculating the penalty for

applicable, only the failure to file penalty will apply.

underpayment of estimated tax.

Penalty for Willful Failure to File: A penalty of 75% will be added to the

If you are subject to this penalty, complete IA 2210 or IA 2210S (IA 2210F

tax due for willful failure to file a return or for filing with intent to evade

for farmers and fishers), enter the penalty on this line, and include a

tax.

copy with your return. If you choose to use the annualized method of

74b. Interest must be added to delinquent tax. Interest is added at

computing the penalty, include a copy of the IA 2210 Schedule AI with

a rate of 0.4% per month beginning on the day after the due date of

your tax return.

the return and accrues each month until paid in full.

If you are due a refund, subtract the penalty amount from the

LINE 75. You have four options to pay the amount due.

overpayment you show on line 70 or line 71.

 Direct debit payment with the income tax return,

Line 74. Penalty and Interest.

 ePay (direct debit) at ,

Iowa does not follow the federal extension guidelines.

 Credit/debit card, or

74a

Note: Penalties can only be waived under limited circumstances,

 Mail a check/money order with an IA 1040V Payment Voucher

as described in Iowa Code section 421.27.

from our website, payable to Treasurer, State of Iowa.

Failure to Timely File a Return: A penalty of 10% will be added to the

Do not make payments of less than one dollar. See the 2014

tax due for failure to timely file a return if the return is filed after the

online Expanded Instructions for more information.

original due date of the return and if at least 90% of the correct amount

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

STEP 12: POLITICAL CHECKOFF

STEP 13: SIGNATURE

Contributions to this checkoff do not reduce your refund or increase

Returns are not processed and refunds are not issued if returns are

your amount due. Contributing to this checkoff is not required.

not signed. If you and your spouse file a joint or combined return, both

You may assign $1.50 to a specific political party or to the Iowa

of you must sign. Deceased Taxpayer: If your spouse died and you

Election Campaign Fund for distribution to qualifying parties. Each

are filing a joint or combined return, write on the deceased’s signature

spouse may assign $1.50 to the party of choice regardless of the filing

line “Filing as a surviving spouse,” check the box, and enter the date

status of the return.

of death. Also, enclose any forms required to be filed with your federal

return, such as federal form 1310 or a copy of the court certificate

showing your appointment as a personal representative of the

decedent.

2014 INSTRUCTIONS FOR SCHEDULE IA 126

You will need to complete the IA 1040 lines 1-47 before you can complete the IA 126. The IA 1040 must be completed using all-source

income. Nonresidents and part-year residents of Iowa will use the IA 126 to figure t h e i r Iowa-source income. The credit from this form is used

to reduce total tax on the IA 1040. Include copy of federal return. Note: The Iowa income percentage is rounded to the nearest tenth of a percent.

For part-year Iowa residents, Iowa net income includes all income received while living in Iowa plus any Iowa-source income received while a

nonresident.

For nonresidents, Iowa net income will include all income from Iowa sources. Complete lines 1-26 of the IA 126 using only income from Iowa

sources. Enter the amount of credit from line 33, IA 126, on line 48, IA 1040.

If you used filing status 3 (married filing separately on the combined return) on your IA 1040, you will divide your Iowa income between spouses

using the instructions given for the corresponding line on the IA 1040 for married separate filers.

1. WAGES, SALARIES, TIPS, ETC.

3. DIVIDEND INCOME.

Part-year residents: Include all W-2 income earned while an Iowa

Part-year residents: Report all dividends received while an Iowa

resident, even if it was earned in another state, and any income for

resident and any dividends derived from an Iowa trade, business, or

services performed in Iowa while a nonresident of the state. If it was

profession while a nonresident.

earned in another state, you may also need to fill out the IA 130

Nonresidents: Report the dividends derived from an Iowa trade,

when you pay tax to the other state. You will need to check with

business, or profession.

that state for their filing requirements.

4. ALIMONY RECEIVED.

Nonresidents: Report only Iowa-source income. If the portion of

Part-year residents: Report all alimony or separate maintenance

employee compensation earned in Iowa by a nonresident is not

payments received while an Iowa resident.

reported separately, allocate the compensation based upon the

Nonresidents: Do not enter anything on this line.

number of days worked in Iowa to total work days.

5. BUSINESS INCOME OR (LOSS).

2. TAXABLE INTEREST INCOME.

Part-year residents: Report all federal Schedule C or C-EZ income

Part-year residents: Report all interest shown on the IA 1040

earned while an Iowa resident and any portion of business income or

which accrued while an Iowa resident and any interest received while

loss earned while a nonresident attributable to a business conducted

a nonresident which was derived from a trade, business, or profession

in Iowa

carried on within Iowa.

Nonresidents: Report only the interest derived from an Iowa trade,

business, or profession.

Page 8

41-002i (11/13/14)

Instructions For Form Ia 1040 - Iowa Individual Income Tax Form - 2014 Page 9

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