Schedule Ai (Form Ia 2210) - Annualized Income Installment Method - 2015 Page 3
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36. Compute the nonresident/part-year
Line 18: Enter the credits from your IA 1040,
resident credit by subtracting the credits
line 63 that you are entitled to because of
on line 31 of form IA 126 from the tax on
events that occurred during the months
line 30 of form IA 126. Multiply this figure
shown in the column headings. Do not
by the percentage on line 29. Enter this
annualize any credit. However, when figuring
number on line 17 of Iowa Schedule AI.
your credits, you must annualize any item of
income or deduction used to figure the credit.
Out-of-state tax credit form IA 130 must be
computed for each period. The gross income
Please include a worksheet or tax form
taxed by the other state/country, line 1 of the
showing the calculations for each credit
IA 130, must be annualized by multiplying by
claimed on line 18.
the annualization factor for the period. The
Line 28: Enter these amounts on form IA
gross income for residents, line 2 of the IA
2210, line 8.
130, is the amount on line 3 of the Iowa
Schedule AI (if a part-year resident, the
amount is taken from line 15 of the IA 126)
for the period. The tax, line 4 of the IA 130, is
the amount on line 13 of Iowa Schedule AI
for the period. The total tax imposed by the
other state/country must be multiplied by a
ratio of gross income taxed by the other
state/country for the period to total gross
income taxed by the other state/country.
Example: Fred, a full-year resident, had
$100,000 of income taxed by another state.
The other state’s tax imposed was $4,000 for
the year. For the period 1/1/15 to 3/31/15,
the income taxed by the other state was
$25,000. The computation for the tax
imposed for the period 1/1/15 to 3/31/15 is
($4,000 times the annualization factor of 4.0
X 25,000/100,000).
Please include a worksheet or tax form
showing the calculations for each credit
claimed on line 17.
45-011c (09/16/15)
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