Iowa Iowa Amended Corporation Income Tax Return 42-024

Iowa Amended Corporation Income Tax Return 42-024
IA 1120X amended corporation income tax return, 42-024
IA 1120X

From ___________ to ___________

Iowa Amended Corporation Income Tax Return
tax.iowa.gov
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Office Use Only

Do not attach multiple years together.
Do not use for loss carrybacks.
Corporation Name and Address▲

Postmark

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Filing Status ____ ▲
Type of Return __ ▲
FEIN ___________________ ▲
Phone No. ______________

Reason for Amendment ▲
Federal Audit........
Federal 1120X .....
Protective Claim ...
Other ....................

Check this box if Name, Address or
Federal Employer Identification Number (FEIN) has changed
Use whole dollars
1. Federal net income.
2. 50% federal tax refund. See instructions.

As last reported

Net change
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Accrual

Cash

3. Other additions to income from IA 1120.
4. Total additions. Add lines 1 through 3.
5. 50% federal tax accrued or paid. See instructions.

Corrected amount
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1

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2

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3
4

Accrual

Cash ▲

6. Other reductions to income from IA 1120.

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5

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6
7

7. Total reductions. Add lines 5 and 6.

8

8. Net income after reductions. Subtract line 7 from line 4.
9. Nonbusiness income from Schedule D, line 17.

9

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10

10. Income subject to apportionment. Subtract line 9 from line 8.
11a. Iowa receipts. Must be reported.

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11a

11b. Receipts everywhere. Must be reported.

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11b

%

12

12. Percentage. Divide line 11a by line 11b. Enter result carried to six places.

%

13

13. Income apportioned to Iowa. Multiply line 10 by line 12.
14. Iowa nonbusiness income from Schedule D, line 8.

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16. Net Operating Loss.

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16
17

17. Income subject to tax. Subtract line 16 from line 15.
18. Computed tax.
19. Alternative Minimum Tax. Tax years beginning before January 1, 2021 only.

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20. Total tax. Add lines 18 and 19.

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18

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19
20

21. Credits. Does not include estimates from last period.

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22. Payments. See instructions.

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21
22
23a

23a. Total credits and payments. Add lines 21 and 22.
23b. Tax amounts previously refunded and/or credited to next period.

14
15

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

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23b
24

24. Net amount. Subtract line 23a from line 20 and add line 23b.

25

25. If line 24 is greater than zero, enter tax due.
26a. IA 2220 penalty.

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26a

26b. Filing and payment penalties.

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26b

27. Interest.

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27

28. Total amount due. Add lines 25 through 27.

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28

29. If line 24 is less than zero, enter overpayment.
30. Credit to next period’s estimated tax. (Change must be requested by the last
day of the subsequent tax period.)
31. Refund requested on amended return. Subtract line 30 from line 29.

29
30
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31

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.
Officer’s Signature ____________________________________________________ Title ____________________ Date _______________
Preparer’s Signature ________________________________________ Preparer’s ID No. ___________________ Date _______________
42-024a (07/22/2021)

Schedule of Changes to Income, Deductions and Credits
Item Description

IA 1120X Amended Corporation Instructions

IA 1120X is to be filed to make any changes to a
previously-filed IA 1120 or 1120A. Please enclose
a copy of page 1 of the company’s Iowa return as
filed and any federal forms detailing the changes.
Taxpayers are required to properly notify the
Department of
a
federal
audit
or
examination once all issues related to a particular
federal audit or examination become final. Even if
the taxpayer notifies the Department of the final
disposition of some issues that are resolved while
others remain outstanding, the Department's
additional period of time to determine the tax due
will remain open until one year following the date
the taxpayer properly notifies the Department of the
final determination of all issues from the audit or
examination.
Tax periods beginning on or after January 1, 2009,
both the Iowa Net Operating Loss (NOL) and
Alternative Minimum Tax Net Operating Loss (AMT
NOL) can only be carried forward 20 taxable
periods.
If the change was due only to the carryback of a
capital loss use IA 1139-CAP.
Requests for refund must be filed within three years
of the due date of the original return, or the
postmark of the late filed return with extension, or
within one year of payment.
Refund claims resulting from an Internal Revenue
Service (IRS) audit after the above deadline has
expired must be filed within one year of the final
determination date of the IRS audit. Include a copy
of the federal document that shows the final
determination and explains the final federal
adjustments. For more information, see Iowa Code
§ 422.73.
Check the appropriate “Reason for Amendment.” If
the reason for this amended return is a Federal
Centralized Partnership Audit change, federal
Centralized AAR change, or Iowa pass-through
audit change mark “Other.” For more information,
see Iowa Code § 422.25A. If you mark “Other” for
any reason, include a schedule explaining the
reason with your amended return. Complete
42-024b (07/22/2021)

Amount

“Schedule of Changes” above. Enter the line
reference from page 1 for which you are reporting
a change and give the reason for each change.
Include applicable schedules.
Tax Period: Enter dates as MMDDYY.
Filing Status: Enter the number for filing status.
• Filing status 1, Separate Iowa/Separate Federal
• Filing status 2, Separate Iowa/Consolidated
Federal
• Filing status 3, Consolidated Iowa/Consolidated
Federal
Type of Return: Enter the number for type of return.
• 1 Regular Corporation
• 2 Cooperative
• 3 UBIT
Line 2: Federal Refunds - The add-back for federal
refunds received during the tax year is only required
to the extent the refund was for federal taxes
deducted on an Iowa return for a tax year beginning
prior to January 1, 2021.
Line 5: Federal taxes paid - The deduction for
federal taxes paid is allowed only to the extent the
payment was made during the current tax year, for a
tax year beginning before January 1, 2021.
Line 18: Computed tax
For tax years beginning before January 1, 2021; If
line 17 is:
• Under $25,000; multiply line 17 by 6%
• $25,000 to $100,000; multiply line 17 by 8% and
subtract $500
• $100,001 to $250,000; multiply line 17 by 10%
and subtract $2,500
• Over $250,000; multiply line 17 by 12% and
subtract $7,500
For tax years beginning on or after January 1, 2021;
If line 17 is:
• $100,000 or less; multiply line 17 by 5.5%
• $100,001 to $250,000; multiply line 17 by 9%
and subtract $3,500
• Over $250,000; multiply line 17 by 9.8% and
subtract $5,500

Line 19: Alternative Minimum Tax (AMT) - Include
a copy of the corporation’s original IA 4626 and
revised IA 4626. Also include the federal 4626 for
tax years prior to 2018. The Iowa AMT is repealed
for tax years beginning on or after January 1,
2021. Enter 0 on this line for tax periods beginning
on or after January 1, 2021.
Line 21: Credits - Enclose IA 148 Tax Credits
Schedule.
Line 22: Payments - Include tax amount only;
exclude penalty and interest.
Line 26a: IA 2220 penalty - The penalty for
underpayment of estimated tax cannot be changed
after the due date of the return.
Line 26b: Filing and payment penalties
Failure to Timely File a Return - A penalty of 5%
(10% for returns due before July 1, 2021) will be
added to the tax due for failure to timely file a
return if the return is filed after the original due date
of the return and if at least 90% of the correct
amount of tax is not paid by the original due date of
the return.
Failure to Timely Pay the Tax Due: A penalty of
5% will be added to the tax due if the return is filed
by the original due date and at least 90% of the
correct amount of tax is not paid by the original due
date of the return. This penalty is in addition to the
penalty for failure to timely file, if applicable.
For returns due before July 1, 2021, when the
failure to file penalty and the failure to pay penalty
are both applicable, only the failure to file penalty
will apply.
Audit or Examination Deficiency: A penalty of
5% will be added to the unpaid tax if the
Department discovers an underpayment during an
audit or examination.
Penalty for Willful Failure to File: A penalty of
75% will be added to the tax due for willful failure to
file a return or for filing with intent to evade tax.
Waivers: Penalties can be waived under limited
circumstances, as described in Iowa Code section
421.27. Complete and submit a Penalty Waiver
Request form (78-629) to request a penalty be
waived.
42-024c (07/22/2021)

Line 27: Interest - Interest accrues on any unpaid
tax from the original due date of the return. Interest
will be computed by the Department for any
overpayment of tax.
Line 30: Credit to next period’s estimated tax Credit to next period’s estimated tax can only be
changed if requested by the last day of the
subsequent tax year.
Where to File:
Corporation Tax Return Processing
Iowa Department of Revenue
PO Box 10468
Des Moines IA 50306-0468
Questions: 515-281-3114 or 1-800-367-3388
Email: [email protected]