Form Ia 1120 - Iowa Corporation Income Tax Return

Iowa Department of Revenue

2015 IA 1120

https://tax.iowa.gov

Iowa Corporation Income Tax Return

Step 1

Tax Period:

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Postmark

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Office Use Only

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Address Change

Check the box if:

Short Period

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Corporation Name and Address

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Federal Employer Identification Number (FEIN):

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County No:

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Business Code:

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Is this a first or final return? If yes, check the appropriate box.

Successor

First Return:

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New Business

Entering Iowa

Reorganized

Merged

Dissolved

Name of contact person:

Final Return:

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Phone:

(

)

Withdrawn

Bankruptcy

Other

Step 2 Filing Status

Filing Status:

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1 Separate Iowa/Separate Federal ....

2 Separate Iowa/Consolidated Federal ....

3 Consolidated Iowa/Consolidated Federal .

Type of Return:

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1 Regular Corporation…

2 Cooperative…

3 UBIT…

Is this an inactive corporation?

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Yes

Was federal income or tax changed for any prior period?

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Yes

Period(s)

Do you have property in Iowa?

Yes

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Use whole dollars

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Step 3

1. Net Income from federal return before federal net operating loss ................................................................ 1.

Net Income

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2. 50% of federal tax refund. ...... Accrual

Cash

............................................................... 2.

and

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Additions to

3. Other additions from Schedule A ................................................................................................................ 3.

Income

4. Net Income after additions. Add lines 1 through 3. ...................................................................................... 4.

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Step 4

5. 50% of federal tax paid or accrued .... Accrual

Cash

Reductions to

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6. Other reductions from Schedule A. ..................................................................... 6.

Income

7. Total reductions. Add lines 5 and 6 ............................................................................................................. 7.

8. Net income after reductions. Subtract line 7 from line 4 .............................................................................. 8.

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Step 5

9. Nonbusiness income from Schedule D, line 17 ............................................................................................. 9.

Taxable

10. Income subject to apportionment. Subtract line 9 from line 8....................................................................... 10.

Income

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11. Iowa percentage from Schedule E. See instructions ................................................................................... 11.

12. Income apportioned to Iowa. Multiply line 10 by line 11 ............................................................................... 12.

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13. Iowa nonbusiness income from Schedule D, line 8 ..................................................................................... 13.

14. Income before Net Operating Loss. Add lines 12 and 13 ............................................................................. 14.

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15. Net Operating Loss Carryforward from Schedule F. Include Schedule F ..................................................... 15.

16. Income subject to tax. Subtract line 15 from line 14. Do not enter an amount below $0 .............................. 16.

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Step 6

17. Computed tax. For tax rates, see bottom of page 3. Check box if tax is annualized

........................... 17.

Tax, Credits

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18. Alternative Minimum Tax from page 4, Sch. IA 4626. Check box if claiming small business exemption.

18.

and

19. Total tax. Add lines 17 and 18 .................................................................................................................... 19.

Payments

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20. Credits from Schedule C1, line 4. Do not include estimated tax credit. ...............20.

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21. Payments from Schedule C2, line 4 ...................................................................21.

22. Total credits and payments. Add lines 20 and 21 ........................................................................................ 22.

23. Net amount. Subtract line 22 from line 19 ................................................................................................... 23.

Step 7

24. Tax due if line 23 is greater than $0 ............................................................................................................ 24.

Balance Due

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25. Penalty; underpayment of estimated tax. Include IA 2220 ........................................................................... 25.

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26. Penalty; failure to timely pay or failure to timely file ..................................................................................... 26.

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27. Interest ....................................................................................................................................................... 27.

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28. Total amount due. Add lines 24 through 27. Pay electronically, or submit payment with form IA 1120V ...... 28.

Step 8

29. Overpayment if line 23 is less than $0 ........................................................................................................ 29.

Overpayment

30. Credit to next period’s estimated tax ........................................................................................................... 30.

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31. Refund requested. Subtract line 30 from line 29 ......................................................................................... 31.

A complete copy of your federal return, as filed with the Internal Revenue Service, must be filed with this return. For filing status 2 or 3, you must include

pages 1-5 of your consolidated federal return, consolidating income statements, Iowa Schedule H and any other forms related to the Iowa return.

42-001a (07/02/15)