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Iowa IA Corporation Schedules F and G
Extracted from PDF file 2023-iowa-form-ia-1120schf.pdf, last modified July 2022IA Corporation Schedules F and G
IA Corporation Schedules F and G tax.iowa.gov Corporation name Federal Employer Identification Number (FEIN) Tax Period End Date M M D D Y Y Y Y Schedule F: Iowa Net Operating Loss (NOL) A Tax Period Ended B C Tax Period Applied To Iowa Loss Incurred D Loss Applied To Prior Year(s) E Loss Applied To Current Year F H Corporation Name (if different from above) G FEIN (if different from above) Unused Loss 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 Total Enter the total of column E on IA 1120, line 12. 42-020a (02/01/2022) IA Corporation Schedules F and G FEIN Schedule G: Iowa Alternative Minimum Tax Net Operating Loss (AMT NOL) Tax years beginning before January 1, 2021 only A Tax Period Ended B C Tax Period Applied To Iowa Loss Incurred D Loss Applied To Prior Year(s) E Loss Applied To Current Year F H Corporation Name (if different from above) G FEIN (if different from above) Unused Loss 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 Total Enter the total of column E on IA 4626, line 11. 42-020b (02/01/2022) Instructions for Schedule F – Iowa Net Operating Loss Schedule F must be completed and submitted with the return if an Iowa net operating loss (NOL) deduction is taken on IA 1120, line 12. Be sure to reflect any prior Iowa audits which may have corrected amounts originally reported. The NOL amount applied to the current year must not exceed the amount on the IA 1120, line 11. The NOL must be carried back or over to the applicable period as a reduction of the net income attributable to Iowa for that period. An NOL cannot be carried back to a period in which the taxpayer was not doing business in Iowa. An NOL cannot be carried forward if it was incurred in a period in which the taxpayer was not doing business in Iowa. If the election under section 172(b)(3) of the Internal Revenue Code is made, the NOL must also be carried forward. The carryforward is 15 taxable periods for tax periods beginning on or before August 5, 1997. For tax periods beginning after August 5, 1997, but before January 1, 2009, NOLs may be carried back two taxable periods and carried forward 20 taxable periods. NOLs for tax periods beginning after August 5, 1997, but before January 1, 2009, can be carried back three years only for losses incurred in a presidentially-declared disaster area by a taxpayer engaged in a small business. Iowa did not adopt the 5-year carryback provision for NOLs incurred in 2008 for small businesses as set forth in the federal American Recovery and Reinvestment Act of 2009. The carryback period for NOLs from farming businesses is five years to the extent the net operating losses are for tax years beginning on or after January 1, 1998, but before January 1, 2009. Any Contribution Conversion Adjustment, if applicable, should be listed separately for each period. Iowa did not adopt the 5-year carryback provision for NOLs incurred in 2018-2020 as set forth in the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020. For tax periods beginning on or after January 1, 2009, both the NOL and Iowa alternative minimum tax net operating loss can only be carried forward 20 taxable periods. 42-020c (02/01/2022) Computation of a separate corporation’s contribution to consolidated income or net operating loss subject to Iowa tax for purposes of net operating loss carryover and carryback limitations must be as follows: Separate corporation’s A x C x D + E = contribution to consolidated income subject to Iowa tax. B A A = Separate corporation gross sales within and without Iowa after elimination of all intercompany transactions. B = Consolidated gross sales within and without Iowa after elimination of all intercompany transactions. C = Iowa consolidated net income subject to apportionment (IA 1120, line 7). D = Separate corporation gross sales within Iowa after elimination of all intercompany transactions. E = Separate corporation income allocable to Iowa. Instructions for Schedule G – Iowa Alternative Minimum Tax Net Operating Loss For tax years beginning before January 1, 2021 only. Schedule G is required if there is an Iowa alternative minimum tax net operating loss (AMT NOL) claimed on Schedule IA 4626. These losses are carried back or forward in the same way as regular net operating losses. The computation of a separate corporation’s contribution to consolidated AMT income or AMT NOL for purposes of the net operating loss carryover or carryback is the same formula as set forth above, except that C is the Iowa consolidated AMT income subject to apportionment from the Schedule IA 4626, line 6. The AMT NOL amount applied to the current year is limited to 90% of the amount on Schedule IA 4626, line 11. The total for column E must equal the amount entered on the Schedule IA 4626, line 11.
Form IA 1120SchF
More about the Iowa Form IA 1120SchF Corporate Income Tax TY 2023
We last updated the IA Corporation Schedules F and G in February 2024, so this is the latest version of Form IA 1120SchF, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IA 1120SchF directly from TaxFormFinder. You can print other Iowa tax forms here.
Other Iowa Corporate Income Tax Forms:
TaxFormFinder has an additional 43 Iowa income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form IA 148 | Tax Credits Schedule 41-148 |
| Form IA 1120S Shhedule K-1 | Schedule K-1 - Shareholder’s Share of Iowa Income, Deductions, Modifications |
| Form IA 1041V | Iowa Fiduciary Income Tax Payment Voucher |
| IA 1041-C | Schedule C Computation of Nonresident's Tax Credit |
| Form IA 1065 | Iowa Partnership Return of Income 41-016 |
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 1120SchF from the Department of Revenue in February 2024.
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 1120SchF
We have a total of eight past-year versions of Form IA 1120SchF in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2021 Form IA 1120SchF
IA Corporation Schedules F and G, 42-020
2020 Form IA 1120SchF
IA Corporation Schedules F and G, 42-020
2018 Form IA 1120SchF
IA corporation schedules F and G, 42-020
2017 Form IA 1120SchF
IA corporation schedules F and G, 42-020
2016 Form IA 1120SchF
IA corporation schedules F and G, 42-020
2015 Form IA 1120SchF
Iowa corporation schedules F and G
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