Do I qualify for the Iowa minimum tax carry-forward credit?

The Iowa Alternative Minimum Tax Credit is available for taxpayers who paid Iowa alternative minimum tax in prior years based on tax preferences and adjustments. The credit is limited to the extent the regular tax exceeds the Iowa alternative minimum tax in a prior tax year and cannot be claimed in any tax year in which Iowa alternative minimum tax is owed. There is no limit on the number of [...]

Iowa Franchise Tax Credit

Franchise Tax Credit Iowa imposes a franchise tax on all financial institutions. Therefore, the Franchise Tax Credit is allowed to avoid double taxation of income. If a financial institution as defined in section 581 of the Internal Revenue Code elects to file as an S corporation for federal income tax purposes and therefore have its income taxed directly to the shareholders, those shareholders [...]

Do I qualify for Iowa Out-of-State Credit?

All income an Iowa resident earns is taxable to Iowa to the same extent that it is taxable on the federal return even if the income was earned in another state, local jurisdiction in another state, or foreign country. If another state, local jurisdiction in another state, or foreign country taxes that same income, then the Iowa resident may be able to claim a credit on this line. Use form IA 130 [...]

Who should complete Iowa Form 6251B Statement of Net Worth?

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 net income and those limiting their tax liability to their net worth. Note: The balance sheet should be completed on the basis of the accounting method (cash or accrual) used by the [...]

How much is the Iowa capital gains deduction?

This is a deduction of qualifying net capital gain realized in 2021. Note: Line 23 can be more than the net total reported on Schedule D. Unrelated losses are not to be included in the computation of the deduction. An example of an unrelated loss is the sale of common stock at a loss. The Iowa capital gain deduction is subject to review by the Iowa Department of Revenue. The deduction must be [...]