Iowa Balance Sheet or Statement of Net Worth 41-135

Balance Sheet or Statement of Net Worth 41-135
IA 6251B balance sheet/statement of net worth, 41135IA 6251B

Balance Sheet/Statement of Net Worth
tax.iowa.gov
This form can be used for any tax year.
Name(s): _____________________________________ Social Security Number: ___________
Net worth calculation date: ______________
Check one:
Accrual ☐
Cash

☐

Part A: Assets
1. Total cash ............................................................................................................ 1. ____________
2. Securities ............................................................................................................. 2. ____________
3. Pensions, IRAs, and Social Security benefits ................................................. 3. ____________
4. Insurance policies ............................................................................................... 4. ____________
5. Accounts receivable............................................................................................ 5. ____________
6. Inventory .............................................................................................................. 6. ____________
7. Real property ....................................................................................................... 7. ____________
8. Machinery and equipment.................................................................................. 8. ____________
9. Vehicles................................................................................................................ 9. ____________
10. Other personal property .................................................................................... 10. ____________

0
11. Total assets. Add lines 1-10 ................................................................................. 11. ____________
Part B: Liabilities
12. Current liabilities ................................................................................................ 12. ____________
13. Long-term liabilities ............................................................................................ 13. ____________
14. Accrued taxes ..................................................................................................... 14. ____________
15. Total liabilities. Add lines 12-14 ............................................................................ 15. ____________
Part C: Net Worth
16. Total assets, line 11 less total liabilities, line 15. Subtract line 15
0
from line 11 ............................................................................................ 16. ___________
Part D: Debt to Asset Ratio
0.00
17. Divide total liabilities, line 15 by total assets, line 11 ............................... 17. ___________

41-135a (10/16/2023)

IA 6251B Instructions
Complete each section as instructed below. Be
sure to include the personal and business
assets and liabilities of both spouses. IA 6251B
should be completed by those eliminating the
distressed sale transaction from Iowa taxable
income and those limiting their tax liability to
their net worth.
Compare your net worth as calculated on this
form with the amount on IA 1040:
• Line 42 (Tax years 2022 and earlier)
• Line 7 (Tax years 2023 and later)
• If IA 1040, line 7 is greater than IA 6251B, line
16, replace the amount originally on IA 1040,
line 7 with the amount on IA 6251B, line 16
Note: The balance sheet should be completed on
the basis of the accounting method (cash or
accrual) used by the taxpayer.
Part A: Assets
Line 1: Total cash
Include the balance of your cash accounts, both
personal and business, such as:
• checking accounts
• savings accounts
• certificate of deposit accounts
• credit union accounts
Line 2: Securities
Include the current value of all your stocks, bonds,
notes, etc.
Line 3: Pensions, IRAs, and Social Security
benefits
Include the current value of the following:
• pensions
• annuities
• individual retirement accounts
• Social Security benefits
• Railroad Retirement benefits
Line 4: Insurance policies
Include the current value of all life insurance
policies.
Line 5: Accounts receivable
Include the total of any money due to you, both
personal and business.
Line 6: Inventory
Include the market value of all inventory including
crops, livestock, other farm animals, and poultry.

Line 7: Real property
Include the market value of any real estate, both
personal and business.
Line 8: Machinery and equipment
Include the market value of all machinery and
equipment.
Line 9: Vehicles
Include the current retail value of all vehicles.
Include all cars, trucks, recreational vehicles,
motorcycles, etc.
Line 10: Other personal property
Include the following:
• current market value of all household
appliances, such as washer, dryer,
refrigerator, television, stereo, stove, etc.
• current market value of all furniture, such as
beds, dressers, sofa, chairs, dining room set,
antiques, etc.
• current market value of all kitchen items, such
as silverware, coffee maker, china, pots and
pans, etc.
• current market value of all other household
items, such as paintings, pictures, musical
instruments, firearms, jewelry, collectibles, etc.
Part B: Liabilities
Line 12: Current liabilities
Include the current balance of all your accounts
owed, both personal and business, such as:
• bank card account balances
• gasoline credit card balances
• other charge card balances
• other credit or installment balances
• total of any loans (insurance loans, vehicle
loans, loans for seed, fertilizer, supplies, etc.)
• charges for dental or medical care
Line 13: Long-term liabilities
Include the following:
• real estate transactions
• mortgages
• installment obligations
• long-term loans (over one year)

41-135b (10/16/2023)

Extracted from PDF file 2023-iowa-form-ia-6251b.pdf, last modified July 2021

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More about the Iowa Form IA 6251B Individual Income Tax TY 2023

We last updated the Balance Sheet or Statement of Net Worth 41-135 in February 2024, so this is the latest version of Form IA 6251B, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IA 6251B directly from TaxFormFinder. You can print other Iowa tax forms here.

Other Iowa Individual 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 1040	Individual Income Tax Return Tax Return
IA 1040-ES	Individual Income Estimate Tax Payment Voucher Estimated
IA 1040-V	Tax Payment Voucher Voucher
Form IA 1040ES	Estimated Tax Coupons Estimated
IA 1040-A	Form 1040 Schedule A (Itemized Deductions)

Download all IA tax forms 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 6251B from the Department of Revenue in February 2024.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Iowa Form IA 6251B

We have a total of thirteen past-year versions of Form IA 6251B in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 Form IA 6251B