Form Ia 1120 - Iowa Corporation Income Tax Return - 2014 Page 4
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4IA 1120 Page 4, 2014
Schedule of IA 4626 Computation of Alternative Minimum Tax (AMT)
Period Ended:
____ / _____ / _____
All totals from federal form 4626 except as noted. Federal form 4626 must be included.
Enter Whole Dollars
1
Income Subject to Apportionment from line 10, page 1 .....................................................................................................
1
2
Total Adjustments and Preferences .................................................................................................................................
2
3
Preferences Not A p p l ic a b le for Iowa .............................................................................................................................
a. Depletion ............................................................................................................................ a
b. Tax Exempt Interest from Private Activity Bonds ................................................................. b
4
Total Iowa Tax Preferences. Subtract lines 3a and b from line 2. .......................................................................................
4
5
Enter Total of lines 1 and 4..............................................................................................................................................
5
6
Adjusted Current Earnings Adjustment. See instructions. .........................................................................................................
6
7
Total of lines 5 and 6 .......................................................................................................................................................
7
8
Iowa Percentage from line 11, page 1......................................................................................................................................
8
9
Income Apportioned to Iowa. Multiply line 7 b y line 8. .......................................................................................................
9
10
Iowa Nonbusiness Income from line 13, page 1 ......................................................................................................................
10
11
Add Lines 9 and 10. .................................................................................................................................................................
11
12
Iowa Alternative Minimum Tax Net Operating Loss (limited to 90% of line 11) (Schedule G, total from column E) ................
12
13
Iowa Alternative Minimum Taxable Income before Exemption. Subtract line 12 from line 11. ..............................................
13
14
Exemption. See instructions. ...........................................................................................................................................
14
15
Iowa Alternative Minimum Taxable Income Subject to Tax. Subtract line 14 from line 13. ...................................................
15
16
Iowa Tentative Minimum Tax. Multiply line 15 by 7.2%. ...........................................................................................................
16
17
Iowa Regular Tax from line 17, page 1 .............................................................................................................................
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18
Iowa Alternative Minimum Tax: Subtract line 17 from line 16 but not b e l o w zero. Enter on line 18, page 1. ............................
18
Schedule IA 8827 Computation of Alternative Minimum Tax (AMT) Credit
____ / ____ / _____
Enter Whole Dollars
Period Ended:
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1
Enter Credit Carryforward. See worksheet below. Enter on IA 148 Tax Credits Schedule, column C.
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2
Enter Your Current Period Regular Tax Liability Minus Credits.
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3
Enter Your Current Period Tentative Minimum Tax from Line 16 of IA 4626 above.
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4
Subtract Line 3 from Line 2 but
not below zero.
5
5
Alternative Minimum Tax Credit. Enter the smaller of line 1 or line 4. Enter on IA 148 Tax Credits Schedule, column F.
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6
Balance to Carryforward to Next Tax Period. Subtract line 5 from line 1. Enter on IA 148 Tax Credits Schedule, column H.
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7
Iowa Alternative Minimum Tax from Line 18
above
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8
Total Alternative Minimum Tax Credit Carryforward to Next Tax Period. Add line 6 and line 7.
Worksheet - Alternative Minimum Tax (AMT) Credit Carryforward
A
B
C
D
E
Prior Alternative Minimum Tax Credit
Unused Alternative Minimum Tax
Tax Period Ended
Alternative Minimum Tax Paid
Period Applied To
Applied
Credit
Balance of the Unused Alternative Minimum Tax Credit Carryforward. Enter on IA 8827, line 1.
Corporate Name: ______________________________________________________________ FEIN:
42-001d (09/09/14)
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