Form Ia 1139-Cap - Application For Refund Due To The Carryback Of Capital Losses Page 2
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2IA 1139-CAP Instructions
All amounts should be in whole dollars.
6. Nonbusiness Income: Amount from line 9, IA 1120,
or from IA 1120F and/or schedules, or as last
Tax periods beginning on or after January 1, 2009
computed.
For tax periods beginning on or after January 1, 2009, both
7. Income Subject to Apportionment: Subtract line 6
the Iowa net operating loss (NOL) and alternative minimum
from line 5.
tax net operating loss (AMT NOL) can only be carried
8. Iowa Percentage: Amount from line 11, IA 1120 or
forward 20 taxable periods.
as last computed. For IA 1120A, enter 100%.
Tax years beginning prior to January 1, 2009
9. Income Apportioned to Iowa: Multiply line 7 by
For tax years beginning prior to January 1, 2009, an Iowa
line 8.
net operating loss or an Iowa alternative minimum tax net
10. Iowa Nonbusiness Income: Amount from line 13, IA
operating loss can be carried back by using form IA 1139-
1120, as last computed, or from IA 1120F and/or
NOL.
schedules.
11. Income Before Net Operating Loss: Add lines 9 and
General Instructions
10.
Form IA 1139-CAP can be used only for the carryback of
an Iowa capital loss. If any other changes are involved,
12. Iowa Net Operating Loss Carryforward: Amount
form IA 1120X must be filed.
from line 15, IA 1120, or line 9, IA 1120A, as last
computed, or from IA 1120F and/or schedules.
An Iowa capital loss can be carried back three tax periods
and carryback claims must be filed within three years of the
13. Iowa Net Operating Loss: “As last reported” and
due date of the return producing the capital loss. Attach
“After carryback” - loss previously carried back.
copies of page 1 of your Iowa return for all periods
14. Income Subject to Tax: Subtract lines 12 and 13
involved with this claim, including the loss year and any
from line 11.
federal claims involved (1139 or 1120X).
15. Computed Tax: Multiply line 14 by the following:
Corporation Tax
Specific Instructions
If line 14 is:
Corporation name and address and FEIN: Check box if
Under $25,000 .............. 6%
different than on returns as filed.
$25,000 to $100,000 .... 8% minus $500
Tax Type: Check the appropriate box.
$100,000 to $250,000 .. 10% minus $2500
Loss Information: Provide the amount of Iowa capital
Over $250,000 .............. 12% minus $7500
loss. Show the remaining loss to be carried forward after
Franchise Tax on Financial Institutions
this carryback. Indicate whether any year involved in this
Total income subject to tax: 5%
claim has been adjusted by federal audit. If yes, include a
16. Alternative Minimum Tax: Amount from IA 4626,
copy of the federal audit.
from IA 4626F, or as last computed. If the amount of
As Last Reported On: The figures used should be from
alternative minimum tax or alternative minimum tax
the last form filed (IA 1120, IA 1120A, IA 1120X or IA
credit is changed, the original computation and the
1120F, 1139 claim for refund, amended return, or last audit
revised computation must be attached.
completed). Provide the form number of the last form filed
17. Total Tax Liability: Add lines 15 and 16.
or the date of the last Iowa audit.
18. Recomputed Tax Liability: Amount from line 17
“after carryback.”
Line Instructions
1. Net Income: Iowa income as last computed after
Enter the preparer’s PTIN or FEIN.
Preparer’s ID No:
additions and reductions on line 8 of the IA 1120 or IA
Mail completed form with applicable attachments to:
1120A. Include adjustments to federal domestic
Compliance Services
production activities deduction.
Iowa Department of Revenue
2. Iowa Capital Loss: Amount of loss from federal return
PO Box 10456
or refund claim.
Des Moines IA 50306-0456
4. 50% Federal Refund from Capital Loss (accrual
basis only): 50% of the amount from any applicable
Questions?
federal claim. If refund is due to both a capital loss and
Call: 515/281-3114 (Des Moines, out of state) or
a net operating loss, compute the amount attributable to
1-800-367-3388 (Iowa, Omaha, Rock Island, Moline)
the capital loss in the following manner: federal capital
E-mail: idr@iowa.gov
loss ÷ (capital loss + net operating loss) x federal refund
x 50%. This line does not apply to IA 1120F.
42-028b (10/15/12)
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