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Iowa 1120 Schedule H Computation of Federal Tax Refund/Deduction 42-021
Extracted from PDF file 2023-iowa-form-ia-1120schh.pdf, last modified September 20221120 Schedule H Computation of Federal Tax Refund/Deduction 42-021
IA Corporation Schedule H1 Computation of Federal Tax Refund/Deduction Schedule H1 is for tax years beginning before January 1, 2022, only. Other years, skip to Schedule H2. tax.iowa.gov Corporation Name Federal Employer Identification Number (FEIN) Tax Period End Date M M D D Y Y Y Y For federal consolidated filers. If you need more space than provided, you may copy this schedule. Note: You must enclose pages 1-5 of your consolidated federal return. Company Name Company FEIN Profit (A) Loss (B) 1 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 00 00 14 00 00 15 00 00 16 00 00 17 00 00 18 00 00 19 00 00 20 00 00 21 00 00 22 00 00 23 00 00 24 00 00 25 00 00 42-021a (07/19/2023) IA Corporation Schedule H1, page 2 SSN or FEIN 26. Subtotal. Use in computing federal refund/deduction....................................... 27. Consolidating Adjustments and Eliminations.................................................... 26 00 00 27 00 00 28 00 29 00 30 00 31 00 28. Total. Must equal taxable income per federal return......................................................................................... 29. Separate company income/loss........................................................................................................................ 30. Federal taxable income/loss from line 26.......................................................................................................... 31. Federal tax/refund as reported to the Internal Revenue Service....................................................................... 32. Percent allowed as an addition/reduction.......................................................................................................... 32 33. Federal Refund/Deduction. Divide line 29 by line 30, multiply by line 31, 33 then multiply by line 32. Enter on lA 1120, line 5............................................................................................... 50% 00 Schedule H General Instructions This schedule must be used when the corporation files as part of a consolidated group for federal purposes. Use extra pages if necessary to list all companies included in the consolidated federal return. Iowa Schedule H has three parts: • Schedule H1 calculates the federal tax deduction/refund (tax years beginning before January 1, 2022, only). • Complete Schedule H2 (consolidated federal filers only) to include the income statement information for each company included on the consolidated federal return as filed with the IRS, regardless of their Iowa filing status. See instructions that follow Schedule H3. 42-021b (07/19/2023) • Schedule H3 (consolidated federal filers only) is used to reconcile the consolidating income statements (Schedule H2) with the consolidated federal return. See instructions that follow Schedule H3. IA Corporation Schedule H1 Instructions Tax years beginning before January 1, 2022, only. List in column A the federal taxable income after the net operating loss (NOL) and special deductions or in column B the federal taxable loss for each company computed as if a separate federal corporation income tax return were filed. Normally, this would be from the federal 1120, line 30. Line 29 - Show federal taxable income of the company(s) reported on this Iowa return (see instructions for formula below). Line 30 - Enter the total from line 26, column A. Line 31 - Enter federal tax from the federal 1120. Sum of All Positive Companies (Separate Company Included in the Federal Taxable ÷ Consolidated Income Taxable Income Statements) × Accrual basis taxpayers should determine the total tax shown on page 1 of federal form 1120 and use the formula shown below. Cash basis taxpayers should compute the sum of federal taxes paid during the current tax period and federal motor fuel tax credits applied against the tax liability for the current tax period for tax years beginning before January 1, 2021, less any federal refunds received during the current tax period to the extent the refund was for federal taxes deducted on an Iowa return in a year beginning prior to January 1, 2021, using the formula shown below on each period producing payments or refunds. Total Tax Reported on the Consolidated Federal Return (IA 1120, Schedule H1, line 31) If your company files a consolidated Iowa return, the numerator in the above equation is the sum of the incomes of the profit companies included in the consolidated Iowa return. This formula is referred to as the “revenue producer’s formula.” The federal tax deduction is reported on IA 1120, line 5. 42-021c (07/19/2023) Line 33 - The allowed federal tax deduction is 50% of the federal income taxes paid or accrued during the tax year, to the extent the payment is for a tax year beginning prior to January 1, 2021. The deduction should be computed using one of the following methods. × 50% = Federal Tax Deduction If the federal consolidated return reports a NOL that is carried back, the federal refund is computed substituting loss companies in place of taxable income companies in the above formula. This formula is known as the “loss producer’s formula.” The federal refund is reported on IA 1120, line 2, in the loss year. IA Corporation Schedule H2 Consolidating Income Statement tax.iowa.gov Federal Employer Identification Number (FEIN) Corporation Name Tax Period End Date M Company Company Name......................................... Company FEIN........................................... NAICS Code............................................... Filing in Iowa (Y/N)?.................................. 1a. Gross receipts or sales........................ 1b. Less returns & allowances.................. 1c. Balance............................................... 2. Cost of goods sold............................... 3. Gross profit.......................................... 4. Dividends............................................. 5. Interest................................................ 6. Gross rents.......................................... 7. Gross royalties.................................... 8. Capital gain net income....................... 9. Net gain (loss) from federal 4797........ 10. Other income....................................... 11. Total income...................................... 12. Compensation of officers..................... 13. Salaries and wages............................. 42-021d (07/19/2023) M D D Y Y Y Y Company 1a 00 00 1b 00 00 1c 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 00 00 IA Corporation Schedule H2, page 2 SSN or FEIN Company 14. Repairs and maintenance................... 15. Bad debts............................................ 16. Rents................................................... 17. Taxes and licenses.............................. 18. Interest................................................ 19. Charitable contributions....................... 20. Depreciation........................................ 21. Depletion............................................. 22. Advertising........................................... 23. Pension, profit-sharing, etc., plans...... 24. Employee benefit programs................ 25. Domestic production activities deduction for tax years prior to 2019... 26. Other deductions................................. 27. Total deductions................................ 28. Taxable income before NOL & special deductions............................... 29a. NOL deduction..................................... 29b. Special deductions.............................. 30. Taxable income.................................. 42-021e (09/07/2022) Company 14 00 00 15 00 00 16 00 00 17 00 00 18 00 00 19 00 00 20 00 00 21 00 00 22 00 00 23 00 00 24 00 00 25 00 00 26 00 00 27 00 00 28 00 00 29a 00 00 29b 00 00 30 00 00 IA Corporation Schedule H3 Reconciliation of Iowa Schedule H2 with Consolidated Federal Return tax.iowa.gov Federal Employer Identification Number (FEIN) Corporation Name Tax Period End Date M Combined Eliminations M D D Y Y Y Y Consolidated Return Adjustments 1a. Gross receipts or sales............................ 1a 00 00 00 00 1b. Less returns & allowances................... 1b 00 00 00 00 1c 00 00 00 00 1c. Balance....................... 2 00 00 00 00 3 00 00 00 00 4 00 00 00 00 5 00 00 00 00 6 00 00 00 00 7 00 00 00 00 Capital gain net income......................... 8 00 00 00 00 Net gain (loss) from federal 4797................ 9 00 00 00 00 10 00 00 00 00 11 00 00 00 00 12 00 00 00 00 13 00 00 00 00 14 00 00 00 00 15 00 00 00 00 16 00 00 00 00 17 00 00 00 00 2. Cost of goods sold....... 3. Gross profit.................. 4. Dividends..................... 5. Interest........................ 6. Gross rents.................. 7. Gross royalties 8. 9. 10. Other income............... 11. Total income.............. 12. Compensation of officers......................... 13. Salaries and wages..... 14. Repairs and maintenance................ 15. Bad debts.................... 16. Rents........................... 17. Taxes and licenses...... 42-021f (09/07/2022) IA Corporation Schedule H3, page 2 SSN or FEIN Combined Eliminations Consolidated Return Adjustments 18 00 00 00 00 19 00 00 00 00 20 00 00 00 00 21 00 00 00 00 22 00 00 00 00 23. Pension, profit-sharing, etc., plans.................... 23 00 00 00 00 24. Employee benefit programs..................... 24 00 00 00 00 25. Domestic production activities deduction for tax years prior to 2019............................ 25 00 00 00 00 26 00 00 00 00 27 00 00 00 00 28 00 00 00 00 18. Interest........................ 19. Charitable contributions................ 20. Depreciation................ 21. Depletion..................... 22. Advertising................... 26. Other deductions......... 27. Total deductions........ 28. Taxable income before NOL & special deductions....... 29a. NOL deduction............. 29b. Special deductions...... 30. Taxable income.......... 29a 00 00 00 00 29b 00 00 00 00 00 00 30 42-021g (09/07/2022) 00 00 IA Corporation Schedule H2 and H3 Instructions Schedule H2 Instructions Schedule H3 Instructions All corporations who file a separate or consolidated Iowa return and are part of a consolidated group for federal purposes must file schedules H2 and H3. Use extra pages if necessary to list all companies included in the consolidated federal return. For each company included on the consolidated federal return, provide the name, FEIN, and North American Industry Classification System Code (NAICS). Schedule H3 is used to reconcile the information provided on Iowa Schedule H2 with the consolidated federal return filed with the IRS as shown on pages 1-5 of the consolidated federal return. Check “Yes” for each company that files a separate Iowa corporation income tax return or is part of a consolidated Iowa corporation income tax return. Enter the income statement information for each company included on the consolidated federal return as filed with the IRS. Include all companies that are part of the consolidated federal return regardless of their Iowa filing status, or their inclusion on the IA Corporation Schedule M. The “Consolidated Return” column is calculated by starting with the “Combined” column, subtracting the “Eliminations” column, and adding the “Adjustments” column. Because the “Eliminations” column is always subtracted, eliminations that increase income should be entered as (negative) numbers in the “Eliminations” column. Because the “Adjustments” column is always added, adjustments that decrease income should be entered as (negative) numbers in the “Adjustments” column. Enclose all intercompany eliminations and adjustments used to arrive at the consolidated federal return amounts. Note: You must enclose pages 1-5 of your consolidated federal return as filed with the IRS. 42-021h (07/19/2023)
IA Schedule H (42-021)
More about the Iowa Form IA 1120SchH Corporate Income Tax TY 2023
We last updated the 1120 Schedule H Computation of Federal Tax Refund/Deduction 42-021 in February 2024, so this is the latest version of Form IA 1120SchH, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IA 1120SchH directly from TaxFormFinder. You can print other Iowa tax forms here.
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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 1041 | Fiduciary Return 63-001 |
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 1120SchH 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 1120SchH
We have a total of eight past-year versions of Form IA 1120SchH in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form IA 1120SchH
IA Schedule H (42-021)
2022 Form IA 1120SchH
IA 1120 Schedule H (42-021)
2021 Form IA 1120SchH
IA 1120 Sch H Computation of Federal Tax Refund/Deduction, 42-021
2020 Form IA 1120SchH
IA 1120 Sch H Computation of Federal Tax Refund/Deduction, 42-021
2018 Form IA 1120SchH
IA 1120 Sch H Computation of Federal Tax Refund/Deduction, 42-021
2017 Form IA 1120SchH
IA 1120 Sch H Computation of Federal Tax Refund/Deduction, 42-021
2016 Form IA 1120SchH
IA 1120 Sch H Computation of Federal Tax Refund/Deduction, 42-021
2015 Form IA 1120SchH
IA Corporation Schedule H
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