Form Ia 123 - Iowa Net Operating Loss (Nol) Worksheet Page 3
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3Federal tax payments (line 5a) may be deducted
Line 20c: If you also filed a federal net operating
only if the tax payment was directly attributable
loss carryback claim for this tax year and were
to Iowa-source income. This includes federal
allowed to increase your itemized deductions for
taxes withheld from Iowa-source income, or the
medical expenses, casualty and theft losses, and
amount of additional federal tax paid for a prior
miscellaneous deductions due to the NOL
year in the current tax year prorated by the Iowa
application,
enter
the
increase
in
those
income percentage for the prior year for which
deductions on line 20c.
the tax was paid.
Line 22: Enter this amount directly on the
Entries should be made on lines 5b and 5c only
“Taxable Income” line of your IA 1040X and attach
as these items relate directly to income allocated
this worksheet to the IA 1040X return. No entry is
to Iowa on the IA 126.
necessary on the IA 1040X return above the
The Iowa-source net operating loss should be
“Taxable
Income”
line
in
the
corrected
applied to the Iowa- source income on Schedule
computation column, but you must continue your
IA 126 for the carryback/carryover year. This will
amended tax calculation after that line.
decrease the Iowa-source net income for that tax
Nonresidents and Part-Year Residents:
year, creating a lower Iowa income percentage,
In order for nonresidents and part-year residents
an
increase
in
the
nonresident/part-year
to carry back or carry over a net operating loss
resident tax credit, and may result in an
that loss must be from Iowa sources. A loss which
overpayment for the carryback/carryover tax
is not from Iowa sources cannot be reported
year.
anywhere on the Iowa return or Schedule IA126.
Nonresident or part-year resident taxpayers
For additional information, see the
should begin calculation of an Iowa net operating
Iowa Administrative Code, section 40.18.
loss with their Iowa-source net income from
(While not comprehensive, it may be helpful.)
Schedule IA 126. Additions on lines 2a, 2b, and
2c should be made only if these items are
allocable to Iowa.
Federal tax refunds (line 2d) need be added only
in ratio with the taxpayer’s Iowa income
percentage in the tax year generating the refund.
Self-employment tax (line 2e) is added only to the
extent it is deducted on line 5a.
41-123c (06/19/14)
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