Fillable Iowa Corporation Schedules F And G (Page 2 of 2) in pdf

Computation

separate

corporation’s

contribution

Instructions for Schedule F - Net Operating Loss (NOL)

consolidated income or net operating loss subject to Iowa tax for

Schedule F should be included for supporting detail if a net

purposes of net operating loss carryover and carryback limitations

operating loss (NOL) deduction is taken on IA 1120, line 15. Be

must be as follows:

sure to reflect any prior Iowa audits which may have corrected

amounts originally reported. The NOL amount applied to the current

Separate corporation’s

year must not exceed the amount on the IA 1120, line 14.

x C

contribution to consolidated

income subject to Iowa tax.

The net operating loss must be carried back or over to the

applicable period as a reduction of the net income attributable

A=Separate corporation gross sales within and without Iowa

to Iowa for that period. An Iowa net operating loss cannot be

after elimination of all intercompany transactions.

carried back to a period in which the taxpayer was not doing

B=Consolidated gross sales within and without Iowa after

business in Iowa. A net operating loss cannot be carried forward

elimination of all intercompany transactions.

if it was incurred in a period in which the taxpayer was not

doing business in Iowa. If the election under section 172(b)(c)

C=Iowa consolidated net income subject to apportionment (IA

of the Internal Revenue Code is made, the Iowa net operating

1120, line 10).

loss must also be carried forward. The carryforward is 15 taxable

D=Separate corporation gross sales within Iowa after

periods for tax periods beginning on or before August 5, 1997.

elimination of all intercompany transactions.

For tax periods beginning after August 5, 1997, but before

E=Separate corporation income allocable to Iowa.

January 1, 2009, net operating losses may be carried back two

taxable periods and carried forward 20 taxable periods. Net

Instructions for Schedule G - Alternative Minimum Tax

operating losses for tax periods beginning after August 5, 1997,

Loss (AMT NOL)

but before January 1, 2009, can be carried back three years

Schedule G is required if there is an alternative minimum tax

only for losses incurred in a presidentially-declared disaster

net operating loss (AMT NOL) claimed on Schedule IA 4626.

area by a taxpayer engaged in a small business.

These losses are carried back or forward in the same way as

Iowa did not adopt the 5-year carryback provision for net

regular net operating losses.

operating losses incurred in 2008 for small businesses as set

The computation of a separate corporation’s contribution to

forth in the federal American Recovery and Reinvestment Act of

consolidated AMT income or AMT net operating loss for

2009.

purposes of the net operating loss carryover or carryback is

The carryback period for net operating losses from farming

the same formula as set forth above, except that C is the Iowa

businesses is five years to the extent the net operating losses

consolidated AMT income subject to apportionment from the

are for tax years beginning on or after January 1, 1998, but

Schedule IA 4626, line 7.

before

January

2009.

Any

Contribution

Conversion

The AMT NOL amount applied to the current year is limited to

Adjustment, if applicable, should be listed separately for each

90% of the amount on line 11 on Schedule IA 4626. The total

period.

for column E must equal the amount entered on the Schedule

For tax periods beginning on or after January 1, 2009, both the

IA 4626, line 12.

Iowa net operating loss (NOL) and alternative minimum tax net

operating loss (AMT NOL) can only be carried forward 20

taxable periods.

42-020b (07/18/14)

Iowa Corporation Schedules F And G Page 2

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