Ia Franchise Schedule 4626f - Computation Of Alternative Minimum Tax - 2014
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1Iowa Department of Revenue
2014 IA Franchise Schedule 4626F
Computation of Alternative Minimum Tax
Name of Financial Institution: ___________________________________
FEIN: ______________________________________________________
TAX PERIOD ENDING _____ / ______
(mm/yy)
All totals are from federal form 4626 except as noted. Federal form 4626 must be enclosed.
Enter Whole Dollars
1. Income subject to apportionment from IA 1120F, line 7 .............................................................. 1 .
_____________________
2. Total adjustments and preferences ............................................................................................... 2 .
_____________________
3. Preferences not applicable for Iowa
a. Depletion ................................................................................. a. _____________________
b. Tax exempt interest from private activity bonds .............. b. _____________________
c. Total. Add lines 3a and 3b. ....................................................................................................... 3c.
_____________________
4. Net Iowa preferences and adjustments. Subtract line 3c from line 2. ................................... 4 .
_____________________
5. Total. Add lines 1 and 4. ................................................................................................................ 5 .
_____________________
6. Federal adjusted current earnings adjustment from federal 4626, line 4e ........................... 6 .
_____________________
a. Less 75% of federal ACE worksheet, line 3a ........................................................................ 6a.
_____________________
7. Iowa adjusted current earnings adjustment. Subtract line 6a from line 6. ............................ 7 .
_____________________
8. Iowa minimum taxable income subject to apportionment. Add lines 5 and 7. ...................... 8 .
_____________________
9. Iowa percentage from IA 1120F, line 8 .......................................................................................... 9 .
_____________________
10. Minimum taxable income apportioned to Iowa. Multiply line 8 by line 9. ................................... 10.
_____________________
11. Iowa alternative minimum tax net operating loss (limited to 90% of line 10) ............................ 11.
_____________________
12. Iowa alternative minimum taxable income. Subtract line 11 from line 10. ................................ 12.
_____________________
13. Exemption. See instructions. .......................................................................................................... 13.
_____________________
14. Iowa alternative minimum income subject to tax. Subtract line 13 from line 12. ..................... 14.
_____________________
15. Iowa tentative minimum tax. Multiply line 14 by 3% (.03). .......................................................... 15.
_____________________
16. Iowa regular franchise tax from IA 1120F, line 13 ....................................................................... 16.
_____________________
17. Iowa alternative minimum tax. Subtract line 16 from line 15. If less than zero, enter zero......17.
Enter on IA 1120F, line 14
IA Franchise Schedule 8827F:
Computation of Alternative Minimum Tax Credit
TAX PERIOD ENDING ______ / _____
(mm/yy)
Enter Whole Dollars
1. Enter credit carryforward. See worksheet below. Enter on IA 148, column C. .................... 1.
_____________________
2. Enter your current period regular tax liability minus credits. .................................................. 2.
_____________________
3. Enter your current period tentative minimum tax from line 15 of IA 4626F above. ............ 3.
_____________________
4. Subtract line 3 from line 2. If less than zero, enter zero. ......................................................... 4.
_____________________
5. Alternative minimum tax credit. Enter the smaller of line 1 or line 4. Enter on
IA 148 Tax Credits Schedule, column F ..................................................................................... 5.
6. Balance to carryforward to next tax period. Subtract line 5 from line 1.
Enter on IA 148 Tax Credits Schedule, column H. ............................................................. 6.
_____________________
7. Iowa alternative minimum tax from line 17 above. .................................................................... 7.
_____________________
8. Total alternative minimum tax credit carryforward to next tax period. Add lines 6 and 7. . 8.
_____________________
WORKSHEET – ALTERNATIVE MINIMUM TAX CREDIT CARRYFORWARD
Tax Period
Iowa Minimum
Period
Prior Alternative Minimum
Unused Alternative
Ended
Tax Paid
Applied To
Tax Credit Applied
Minimum Tax Credit
43-002a (07/21/14)
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