Form Ia 147 - Iowa Franchise Tax Credit - 2014
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1
2Iowa Department of Revenue
2014 IA 147
Iowa Franchise Tax Credit
Shareholder Name(s)
SSN or FEIN
Financial Institution Name
Financial Institution FEIN
PART I – Income
1.
Enter income from line 38 of IA 1040; or line 16 of IA 1120; or line 22
of IA 1041 ............................................................................................
1.
2. Enter shareholder’s pro rata share of the financial institution’s net
income multiplied by line 10 of Part III of the IA 1120S S corporation
return ...................................................................................................
2.
3.
Income less pass-through income from financial institution. Subtract
line 2 from line 1 ..................................................................................
3.
PART II – Income Tax without Financial Institution Income
4.
Calculate the tax liability using the amount on line 3 with the
appropriate tax table or percentage based on the return type (IA
1040, IA 1120, or IA 1041) ....................................................................
4.
5.
Enter any lump sum tax and/or minimum tax from line 40 and line 41
of IA 1040; or line 18 of IA 1120; or line 24 and line 25 of IA 1041 .......
5.
6.
Add lines 4 and 5 ..................................................................................
6.
7.
Enter the amount of credits from line 46 of IA 1040; or line 27 of IA
1041 ......................................................................................................
7.
8.
Subtract line 7 from line 6. If less than zero, enter zero ........................
8.
PART III – Income Tax on All Income
9.
Enter tax from line 39 of the IA 1040; or line 17 of the IA 1120; or line
23 of the IA 1041 ..................................................................................
9.
10.
Total income tax liability. Add lines 5 and 9 ..........................................
10.
11.
Subtract line 7 from line 10. If less than zero, enter zero .....................
11.
PART IV – Calculation of Franchise Tax Credit
12.
Income tax on financial institution income. Subtract line 8 from line
11. If less than zero, enter zero ............................................................
12.
13.
Shareholder’s pro rata share of the financial institution’s franchise tax
liability minus any tax credits
claimed. Subtract line 16 of the IA
1120F from line 15 of the IA 1120F and multiply
by the shareholder’s
percentage of ownership in the S corporation ......................................
13.
14.
Franchise Tax Credit. Enter the smaller of line 12 and line 13 .............
14.
IA 148 Tax Credits Schedule must be completed.
41-147a (12/11/14)
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