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Iowa Income Tax Return for S Corporation
Extracted from PDF file 2023-iowa-form-ia-1120s.pdf, last modified June 2022Income Tax Return for S Corporation
2023 IA 1120S Iowa Income Tax Return for S Corporation tax.iowa.gov For Calendar Year 2023 or other fiscal year to M M D D Y Check all that apply: Y Y Y M M D D Amended Return (Must include IA 102) Y Y Y Y Short Period Part 1: Corporation Name and Address Legal Name Doing Business As Address Federal Employer Identification Number (FEIN) Address 2 City State ZIP Total number of shareholders Number of Iowa nonresident shareholders Is this the first or final return? New Business First Return Successor Reorganized Final Return NAICS Code Number of Iowa resident shareholders County No. Entering Iowa Merged Dissolved Withdrawn Bankruptcy Other Part 2: Pass-through representative Name Designated individual (if rep. is an entity) Address Address 2 City State 42-004a (08/04/2023) Phone ZIP Other 2023 IA 1120S, page 2 Corporation Name FEIN Part 3: Corporation Information Interest Charge Domestic International Sales Corporation S Corporation a. Type of Return d. Is this a financial institution also filing an IA 1120F? e. Has federal income or tax changed for any prior period(s) during the year? f. Is the corporation’s business carried on entirely within Iowa? g. Date of S corporation election M M D D Y Prior period if yes: Y Y Y h. Composite return requirement. Does the corporation have any of the following in the tax year: Yes A nonresident individual as a shareholder? i. No ii. An estate or trust without a situs in Iowa as a shareholder? iii. A composite credit received from another entity on an Iowa K-1? Yes Is this corporation reporting income from disregarded entities? If yes, include Schedule DE with this return. 42-004b (08/04/2023) No Other No c. Is this an inactive corporation? If you answered yes to any of “i” through “iii” in question “h,” see instructions. Association Yes i. Limited Liability Company Corporation b. Type of Entity Foreign Sales Corporation 2023 IA 1120S, page 3 FEIN Corporation Name Enter Dollars and Cents Part 4: S Corporation Distributive Items for Iowa Tax Purposes 1. Total ordinary income (loss) from federal form 1120-S, line 6................................ 2. Total deductions from federal form 1120-S, line 21................................................ 3. Ordinary business income (loss) from federal form 1120-S, line 22...................... 4. Net rental real estate income (loss) from federal Schedule K, line 2..................... 5. Other net rental income (loss) from federal Schedule K, line 3c............................ 6. Interest income from federal Schedule K, line 4.................................................... 7. Dividends from federal Schedule K, line 5a........................................................... 8. Royalties from federal Schedule K, line 6.............................................................. 9. Net short-term capital gains (loss) from federal Schedule K, line 7....................... 10. Net long-term capital gains (loss) from federal Schedule K, line 8a...................... 11. Net section 1231 gains (loss) from federal Schedule K, line 9............................... 12. Other income (loss) from federal Schedule K, line 10............................................ 13. Total federal Schedule K income (loss). Add lines 3 through 12..................... 14. Section 179 deduction from federal Schedule K, line 11........................................ 15. Other deductions from federal Schedule K. See instructions................................. 16. Total qualifying federal Schedule K deductions. Add lines 14 and 15.................... 17. Net federal Schedule K income (loss). Subtract line 16 from line 13............. 18. Iowa additions from Schedule A............................................................................. 19. Iowa reductions from Schedule A........................................................................... 20. Net Iowa modifications. Subtract line 19 from line 18........................................... 21. All-source S Corporation distributive items for Iowa tax purposes. Add lines 17 and 20.............................................................................................. 22. Nonbusiness income. Include Schedule D............................................................. 23. Income subject to apportionment. Subtract line 22 from 21................................... 24. Iowa BAR from Schedule E.................................................................................... 25. Income apportioned to Iowa. Multiply line 23 by line 24......................................... 26. Iowa nonbusiness income. Include Schedule D..................................................... 27. Iowa-source S Corporation distributive items. Add lines 25 and 26............... 42-004c (08/04/2023) 1 00 2 00 3 00 4 00 5 00 6 00 00 7 00 8 00 9 00 10 00 11 00 12 00 13 00 14 00 15 00 16 00 17 00 18 00 19 00 20 00 21 00 22 00 23 00 24 % 25 00 26 00 27 00 2023 IA 1120S, page 4 FEIN Corporation Name Enter Dollars and Cents Part 5: Built-in gains or passive investment income tax 28. Net recognized built-in gains.................................................................................. 29. Excess net passive income.................................................................................... 30. Built-in gains/passive investment income subject to apportionment. Add lines 28 and 29............................................................................................... 31. Iowa BAR from Schedule E.................................................................................... 32. Built-in gains/passive investment income apportioned to Iowa. Multiply line 30 by line 31....................................................................................... 33. Remaining Iowa net operating loss carryforward from C corporation years, if any. Include schedule.......................................................................................... 34. Built-in gain/passive investment income subject to Iowa tax. Subtract line 33 from line 32. If less than zero, enter zero..................................... 35. Gross tax on Iowa built-in gain/passive investment income. See instructions....... 36. Remaining credit carryforward from C corporation years, if any. Include schedule.................................................................................................... 37. Net tax on Iowa built-in gain/passive investment income. Subtract line 36 from line 35. If less than zero, enter zero..................................... Part 6: Pass-through entity tax (PTET) election Check this box and complete Part 6 only if the S corporation has elected, or is electing, to be taxed at the entity level under Iowa Code section 422.16C for this tax year. A PTET election is irrevocable and must be made by the due date for filing your return, including extensions. 38. Gross Iowa PTET. Multiply Part 4, line 27, by the applicable tax rate. See instructions...................................................................................................... 39. Franchise tax credit. If you are a financial institution, enter the amount from your 2023 IA 1120F, line 14. If zero or less enter zero........................................... 40. Net Iowa PTET. Subtract line 39 from line 38. If zero or less, enter zero............... Part 7: Audit election to pay Check this box if this is an amended return and the S corporation is making an irrevocable election to pay on behalf of its shareholders from a federal or Iowa audit. If checked, include the IA 103 with your return.......................................... 41. Audit election to pay tax. Enter the amount from the IA 103, line 26..................... Part 8: Total tax, penalty, and interest due 42. Total tax. Add Part 5, line 37, Part 6, line 40, and Part 7, line 41........................... 43. Composite and PTET credits. Include Schedule CC............................................. 44. Payments from Schedule C................................................................................... 45. Tentative amount due (or overpayment). Subtract lines 43 and 44 from line 42.... 46. Interest................................................................................................................... 47. Late payment penalty............................................................................................. 48. Late filing penalty. You may owe a late filing penalty even if you have no tax due. See instructions........................................................................................ 49. Underpayment of estimated tax penalty related to net tax on Iowa built-in gain/ passive investment income in Part 5 and net Iowa PTET in Part 6.Include IA 2220.... 42-004d (08/04/2023) 28 00 29 00 30 00 31 % 32 00 33 00 34 00 35 00 36 00 37 00 38 00 39 00 40 00 41 00 42 00 43 00 44 00 45 00 46 00 47 00 48 00 49 00 2023 IA 1120S, page 5 FEIN Corporation Name Enter Dollars and Cents 50. TOTAL AMOUNT DUE. Add lines 45 through 49. If negative (overpayment), go to line 51............................................................................................................ 51. Report negative amount (overpayment) from line 50 as a positive amount........... 52. Overpayment on line 51 to be applied to next period’s return................................ 53. Overpayment on line 51 to be REFUNDED. Subtract line 52 from line 51............ 53a. Routing number 00 51 00 52 00 53 00 53c. Account number 53b. Savings Checking 50 Schedule A - Additions and Reductions Type of Income 1. RESERVED FOR FUTURE USE............................................ 2. RESERVED FOR FUTURE USE............................................ 3. RESERVED FOR FUTURE USE............................................ 4. Interest Expense Adjustments from IA 163............................. 5. Qualifying Iowa COVID-19 Grants.......................................... 6. Expensing/Depreciation Adjustment from IA 4562A................ 7. Tax Exempt Interest and Dividends. See instructions............. 8. RESERVED FOR FUTURE USE............................................ 9. RESERVED FOR FUTURE USE............................................ 10. RESERVED FOR FUTURE USE............................................ 11. Federal Securities Interest and Dividends. See instructions... 12. Nonconformity Adjustments from IA 101. See instructions...... 13. Charitable contribution adjustment from Iowa credit............... 14. All-source PTE modifications from Iowa K-1s......................... 15. Other. Must include schedule.................................................. 16. Totals. Add lines 1 through 15................................................. Additions Reductions 1 2 3 4 00 00 5 6 00 7 00 00 8 9 10 00 11 00 12 00 13 00 14 00 00 15 00 00 16 00 00 Enter total on part 4, line 18. 42-004e (08/04/2023) 00 Enter total on part 4, line 19. 2023 IA 1120S, page 6 Corporation Name FEIN Schedule B – Iowa Tax credits reported to shareholders on 2023 IA 1120S K-1s (except composite and PTET credits) Iowa Tax Credit Code Certificate Number (if applicable) Amount 00 00 Earned by entity 00 00 00 00 From other PTEs on K-1s 00 00 00 Total.................... Schedule C: Payments 1. Estimated Tax Payments a. Credit from prior period.................................................................................................... b. First quarter...................................................................................................................... c. Second quarter................................................................................................................. d. Third quarter..................................................................................................................... e. Fourth quarter................................................................................................................... f. Other................................................................................................................................ 2. Voucher Payment......................................................................................................................... 3. Other Payments. Include statement............................................................................................. 4. Total. Add lines 1-3. Enter on Main Return, Part 8, line 44........................................................... 42-004f (08/04/2023) a 00 b 00 c 00 d 00 e 00 f 00 2 00 3 00 4 00 2023 IA 1120S, page 7 Corporation Name FEIN Schedule E - Business Activity Ratio (BAR) (see instructions). Must be completed. Column A Iowa Receipts Type of Income 1a. Gross receipts from sale of tangible personal property........... 1b. Gross receipts from performance of services.......................... 1c. Gross receipts from railroad, trucking, aviation, or other transportation activities............................................................ 1d. Gross receipts from telecommunication services.................... 1e. Gross receipts from radio and television broadcasts.............. 1f. Gross receipts from printed and electronic media................... 1g. Gross receipts from utilities services....................................... 1h. Gross receipts from financial activities.................................... 2. Net dividends (see instructions).............................................. 3. Exempt interest....................................................................... 4. Accounts receivable interest................................................... 5. Other interest........................................................................... 6. Rent......................................................................................... 7. Royalties.................................................................................. 8. Capital gain/(loss).................................................................... 9. Ordinary gains/(loss)............................................................... 10. Partnership gross receipts. Include schedule.......................... 11. Other. Include schedule........................................................... 12. Totals. Add lines 1 through 11................................................. Column B Receipts Everywhere 1a 00 00 1b 00 00 1c 00 00 1d 00 00 1e 00 00 1f 00 00 1g 00 00 1h 00 00 2 00 00 3 00 00 4 00 00 5 00 00 6 00 00 7 00 00 8 00 00 9 00 00 10 00 00 11 00 00 12 00 00 13 BAR. Divide line 12, column A, by line 12, column B. Round to the nearest ten-thousandth of a percent. For example, 0.1234505 becomes 12.3451%..... 42-004g (08/04/2023) 13 . 0 0 0 0 % 2023 IA 1120S, page 8 Corporation Name FEIN Iowa Schedule K – Distributive Share Items (a) Federal/All-source amount Income/Adjustments (b) Amount subject to apportionment from Part 4, line 23 (c) Business Activity Ratio from Sch. E (d) Iowa apportioned amount (column b x c) 1. Ordinary business income/(loss)........................... 1 00 00 00 2. Net rental real estate income/(loss)........................... 2 00 00 00 3. Other net rental income/(loss)................. 3 00 00 00 4. Interest income........................ 4 00 00 00 5. Dividends................................. 5 00 00 00 6. Royalties.................................. 6 00 00 00 7. Net short-term capital gain/(loss).................... 7 00 00 00 8. Net long-term capital gain/(loss) ................... 8 00 00 00 9. Net section 1231 gain/(loss).... 9 00 00 00 10 00 00 00 00 00 00 11 00 00 00 12 00 00 00 13 00 00 00 14 00 00 00 15. Other deductions. See instructions....................... 15 00 00 00 Total deductions. Add lines 11 through 15................ 00 00 00 Balance. Total income minus total deductions................. 00 00 00 16. Iowa Modifications from Part 4, line 20.......................... 16 00 00 00 10. Other income/(loss)................. Total Income. Add lines 1 through 10.................. 11. Section 179 deduction............. 12. Charitable contributions .......... 13. Investment interest expense... 14. Section 59(e)(2) expenditures. 17. Iowa allocated income, Part 4, line 26................................................................................................................................................... 17 00 18. Iowa Composite tax paid for shareholders with PTE-C................................................................................................................................. 19. Iowa PTET credits reported to shareholders. Multiply the amount on Part 6, line 40 by 94% (.94). See instructions................................................................................................................................................ 18 00 19 00 42-004h (08/04/2023) 2023 IA 1120S, page 9 Corporation Name FEIN File electronically. A complete copy of your federal return must be filed with this return, not including federal K-1s Third Party Disclosure Designee. Do you want to allow an individual to discuss this return with the Department? See instructions. Designee’s Name Mailing address ID Number (optional) City State Designee’s phone number ZIP Email I, the undersigned, declare under penalties of perjury or false certificate, that I have examined this return, and, to the best of my knowledge and belief, it is true, correct, and complete. I declare that I am authorized to act on behalf of the taxpayer, and will only act within my authority. Paper-filed returns must be signed by hand or via a digital signature with a digital certificate. Stampled or typed signatures are not accepted. Officer’s/pass-through representative’s name (Printed) Title Phone Officer’s/ pass-through representative’s signature Sign Here Date M Signature of preparer if other than taxpayer Sign Here M D D Y Y Y Y D D Y Y Y Y Date M Name of preparer or preparer’s employer M Preparer’s phone number Address of preparer or preparer’s employer Preparer’s ID City State To obtain schedules and forms: Website: tax.iowa.gov Tax Research Library: itrl.idr.iowa.gov/ Questions: 515-281-3114 or 800-367-3388 42-004i (08/04/2023) ZIP Email: [email protected] (do not email your return) eFile or mail your return to: Corporation Tax Return Processing Iowa Department of Revenue PO Box 10468 Des Moines, IA 50306-0468
IA 1120S Income Tax Return for S Corporations (42004)
More about the Iowa Form IA 1120S Corporate Income Tax Tax Return TY 2023
We last updated the Income Tax Return for S Corporation in February 2024, so this is the latest version of Form IA 1120S, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IA 1120S directly from TaxFormFinder. You can print other Iowa tax forms here.
Related Iowa Corporate Income Tax Forms:
TaxFormFinder has an additional 43 Iowa income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Iowa Form IA 1120S.
| Form Code | Form Name |
|---|---|
| Form IA 1120S Shhedule K-1 | Schedule K-1 - Shareholder’s Share of Iowa Income, Deductions, Modifications |
| Form IA 1120S Instructions | Form IA 1120S/K-1 Instructions |
| Form IA 1120SchF | IA Corporation Schedules F and G |
| Form IA 1120SchH | 1120 Schedule H Computation of Federal Tax Refund/Deduction 42-021 |
| Form IA 1120SchL | 1120 Schedule L Iowa Nexus Adjustment |
View all 44 Iowa Income Tax Forms
Form Sources:
Iowa usually releases forms for the current tax year between January and April. We last updated Iowa Form IA 1120S from the Department of Revenue in February 2024.
Form IA 1120S is an Iowa Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Iowa Form IA 1120S
We have a total of three past-year versions of Form IA 1120S in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form IA 1120S
IA 1120S Income Tax Return for S Corporations (42004)
2022 Form IA 1120S
IA 1120S Income Tax Return for S Corporations (42004)
2021 Form IA 1120S
IA1120S Income Tax Return for S Corporations, 42-004
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