Instructions For Form Ia 1120a - Iowa Corporation Income Tax Return - Short Form - 2011 Page 3
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3(15) Total Credits: Add lines 12, 13, and 14 and enter the
When the failure to file penalty and the failure to
sum.
pay penalty are both applicable, only the failure to
file penalty will apply. Penalties can only be waived
(16) Payments: Enter the amount from line 5 of Iowa
under limited circumstances.
Schedule C2 (page 2 of the IA 1120A).
Penalty for Willful Failure to File: A penalty of 75%
(17) Total Credits and Payments: Add lines 15 and 16 and
will be added to the tax due for willful failure to file a
enter the sum.
return or for filing with intent to evade tax.
(18) Net Amount: Subtract line 17 from line 11 and enter
(22) Interest: Interest accrues on the unpaid tax at a rate
the difference.
prescribed by law from the original due date of the
(19) Tax Due: Enter the amount from line 18 if it is greater
return until payment is received. Any portion of a
than zero.
month is considered a full month in calculating interest
(20) Penalty for Underpayment of Estimated Tax:
due on unpaid tax.
Corporations underpaying estimated tax for the entire
(23) Total Amount Due: Add lines 19, 20, 21, and 22.
tax liability, shown on line 11, may be subject to a
Payment options include ePay (direct debit), ACH
penalty for this underpayment. The underpayment
Credit, or payment by check. Go to
penalty is in addition to the penalties on line 21 of page
tax for E-payment options. Do not send cash. Make
1. The underpayment penalty is computed on form IA
checks payable to “Treasurer, State of Iowa”.
2220 and the total from that form is placed on line 20,
(24) Overpayment: Enter the amount from line 18 if it is
page 1. If the penalty is computed, the IA 2220 form
less than zero. Underpayment penalty may apply.
must be attached to the return. Initial return taxpayers
Subtract any 2220 penalty on line 20, then enter
are subject to this penalty.
remaining overpayment.
(21) Failure to Timely File a Return: A penalty of 10%
(25) Credit to Next Period’s Estimated Tax: Enter the
will be added to the tax due for failure to timely file a
amount of overpayment to be credited to the next tax
return if the return is filed after the original due date
period. This credit can only be changed after the due
of the return and if at least 90% of the correct amount
date if the change is requested by the last day of the
of tax is not paid by the original due date of the return.
subsequent tax year.
Failure to Timely Pay the Tax Due or Penalty for
(26) Refund Requested: Subtract line 25 from line 24 and
Audit Deficiency: A penalty of 5% will be added to
enter the difference.
the tax due if at least 90% of the correct amount of tax
is not paid by the original due date of the return.
Instructions for Page Two
Schedule A - Other Additions:
Schedule A - Other Reductions:
(1) Enter the amount of interest and dividends exempt from
(2) Enter the amount of Iowa tax refund included in federal
federal tax. Exclude interest received from certain Iowa
income. Do not include Iowa tax refunds from Iowa
bonds, which are listed in Iowa Rule 40.3. Attach a
refundable tax credits.
schedule if this differs from the amount on the federal
(3) Enter the amount of interest and dividends from federal
Schedule M-1, line 7, or federal Schedule M-3, Part II,
securities included in federal income. Do not include
line 13, columns (b) and (c), or federal Schedule K, line
interest on federal refunds. Attach a schedule showing a
9.
breakdown of federal security interest by payer.
(4) Enter any amounts not specifically identified above. A
(2) Enter the amount of Iowa tax expensed on the federal
detailed schedule must be attached or these amounts may
return. Provide a breakdown of line 17, taxes and
not be allowed. If adjusting an amount from a partnership
licenses, shown on the federal return.
or LLC, include a reconciliation of federal income to
(4) Enter any amounts not specifically identified above. A
income reported on the Iowa partnership return. The
detailed schedule must be attached or these amounts may
difference should be specifically identified to indicate the
not be allowed. If adjusting an amount from a partnership
Iowa adjustment being made.
or LLC, include a reconciliation of federal income to
(5) Depreciation Adjustment: Attach forms IA 4562A and IA
income reported on the Iowa partnership return. The
4562B.
difference should be specifically identified to indicate the
(6) Add lines 2, 3, 4, and 5 and enter the sum.
Iowa adjustment being made.
Schedule C2 - Payments
(5) Depreciation Adjustment: Attach forms IA 4562A and IA
Enter all applicable amounts on the lines specified.
4562B.
Schedule F - Net Operating Loss
(6) Add lines 1, 2, 4, and 5 and enter the sum.
Enter all applicable amounts on the lines specified.
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42-031c (08/24/11)
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