Fillable Iowa Corporation Schedules F And G (Page 2 of 2) in pdf

Instructions for Schedule F – Iowa Net Operating Loss

Computation of

separate

corporation’s

contribution to

consolidated income or net operating loss subject to Iowa tax for

Schedule F should be included for supporting detail if an Iowa net

purposes of net operating loss carryover and carryback limitations

operating loss (NOL) deduction is taken on IA 1120, line 15. Be

must be as follows:

sure to reflect any prior Iowa audits which may have corrected

amounts originally reported. The NOL amount applied to the current

Separate corporation’s

year must not exceed the amount on the IA 1120, line 14.

contribution to consolidated

income subject to Iowa tax.

The NOL must be carried back or over to the applicable period

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

A=Separate corporation gross sales within and without Iowa

period. An NOL cannot be carried back to a period in which the

after elimination of all intercompany transactions.

taxpayer was not doing business in Iowa. A NOL cannot be

B=Consolidated gross sales within and without Iowa after

carried forward if it was incurred in a period in which the

elimination of all intercompany transactions.

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

section 172(b)(c) of the Internal Revenue Code is made, the

C=Iowa consolidated net income subject to apportionment (IA

NOL must also be carried forward. The carryforward is 15

1120, line 10).

taxable periods for tax periods beginning on or before August 5,

D=Separate corporation gross sales within Iowa after

1997.

elimination of all intercompany transactions.

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

E=Separate corporation income allocable to Iowa.

January 1, 2009, NOLs may be carried back two taxable periods

Instructions for Schedule G – Iowa Alternative Minimum

and carried forward 20 taxable periods. NOLs for tax periods

Tax Net Operating Loss

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

be carried back three years only for losses incurred in a

Schedule G is required if there is an Iowa alternative minimum

presidentially-declared disaster area by a taxpayer engaged in a

tax net operating loss (AMT NOL) claimed on Schedule IA

small business.

4626. These losses are carried back or forward in the same

way as regular net operating losses.

Iowa did not adopt the 5-year carryback provision for NOLs

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

The computation of a separate corporation’s contribution to

American Recovery and Reinvestment Act of 2009.

consolidated AMT income or AMT NOL for purposes of the

net operating loss carryover or carryback is the same formula

The carryback period for NOLs from farming businesses is

as set forth above, except that C is the Iowa consolidated AMT

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

income subject to apportionment from the Schedule IA 4626,

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

line 7.

1, 2009. Any Contribution Conversion Adjustment, if applicable,

should be listed separately for each period.

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

90% of the amount on line 11 on Schedule IA 4626. The total

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

for column E must equal the amount entered on the Schedule

NOL and Iowa alternative minimum tax net operating loss can

IA 4626, line 12.

only be carried forward 20 taxable periods.

42-020b (06/15/15)

Iowa Corporation Schedules F And G Page 2

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