Schedule Ai (Form Ia 2210) - Annualized Income Installment Method - 2015 Page 2
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3IA 2210 Schedule AI Instructions
You have the option of using the regular or
Line 13: Compute the tax using the IA 1040
annualized income installment method to
tax tables.
figure your estimated tax penalty. You may be
Line 14: Enter the Iowa lump-sum tax and
able to reduce or eliminate the amount of one
Iowa Alternative Minimum Tax you owed
or more of your required installments by using
because of events that occurred during the
the annualized income installment method if
months shown in each column heading.
your income varied during the year. For
Figure your Iowa minimum taxable income
example, you operated a business on a
based on your income and deductions during
seasonal basis. You must use IA 2210 and
the months shown in each column heading.
Schedule AI to figure the required installment
Multiply this amount by the annualized
amount to enter on IA 2210, line 8.
amounts shown on line 2 before subtracting
If you use Schedule AI for any payment due
the
alternative
minimum
tax
exemption
date, you must use it for all payment due
amounts. See form IA 6251, Iowa Alternative
dates. To figure the amount of each required
Minimum Computation.
installment,
Schedule
AI
automatically
Enter
in
each
column
your
Line
16:
selects the smaller of the annualized income
exemption credit amounts from form IA 1040,
installment
or
the
regular
installment
line 43.
(increased by the amount saved by using the
Line 17: Enter the credits from your IA 1040,
annualized income installment method in
lines 44, 45, 48, 50 and 52, that you are
figuring earlier installments).
entitled to because of events that occurred
To use the annualized income installment
during the months shown in the column
method, you must do all of the following:
headings. Do not annualize any credit.
Complete form IA 2210 and Schedule AI.
However, when figuring your credits, you
Enter the amount from each column of line
must annualize any item of income or
28 of Schedule AI in each column of IA
deduction used to figure the credit. The
2210, line 8.
nonresident or part-year resident credit must
Check the box on the IA 1040, line 74
be computed as shown below.
indicating that you used the annualized
Nonresident or Part-year Resident Credit:
income installment method.
This credit must be computed on the IA 126
Include form IA 2210 and Schedule AI with
for each period as follows:
your return.
1. Figure the Iowa-source gross income less
Line 1: Figure your net income for the
any adjustments for the period. Multiply
months shown in each column heading.
this income figure by the number for the
Include the sum of all gross income/loss for
corresponding period on line 2 of
the period minus any adjustments to income
Schedule AI and enter on the IA 126, line
for the period.
26.
2.
Enter the amount from line 3 of
Line 4: Enter your federal tax payments for
the months shown in each column heading
Schedule AI on the IA 126, line 27.
3. Calculate the Iowa income percentage
net of any refund received in the period. A net
and the nonresident/part-year resident
refund should be entered as a negative
number.
credit percentage on the IA 126, lines
28 and 29.
Line 7: Enter your Iowa itemized deductions
4. Enter the tax amount for the period from
for the months shown in each column
line 13 of Schedule AI on the IA 126,
heading. If you do not itemize, enter zero and
line 30.
skip to line 10.
5. Add the credits from lines 16 and 17 of
Line 10: Enter the full amount of the
Schedule AI that represent IA 1040,
standard deduction for your filing status in
lines 43, 44, and 45. Enter this figure on
each
column,
even
if
you
itemized
form IA 126, line 31.
deductions.
45-011b (11/24/15)
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