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Iowa Free Printable IA 1120 corporation income tax return, 42-001 for 2021 Iowa Iowa Corporation Income Tax Return

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Iowa Corporation Income Tax Return
IA 1120 corporation income tax return, 42-001

2020 IA 1120 Iowa Corporation Income Tax Return tax.iowa.gov Step 1 ___________ to _____________ Tax Period Check the box if Name/Address Change Short Period ▲ ▲ ▲ Postmark Office Use Only Corporation Name and Address▲ ▲ Federal Employer Identification Number (FEIN) ▲ County No ▲ Business Code Is this a first or final return? If yes, check the appropriate box. First Return Name of contact person Phone ( ) Final Return ▲ ▲ New Business Successor Entering Iowa Reorganized Merged Bankruptcy Dissolved Other Withdrawn Step 2 Filing Status Filing Status ▲ 1 Separate Iowa/Separate Federal .... Type of Return ▲ 1 Regular Corporation… 2 Separate Iowa/Consolidated Federal .... 3 Consolidated Iowa/Consolidated Federal . 2 Cooperative… 3 UBIT… Is this an inactive corporation? ▲ Yes No Was federal income or tax changed for any prior period? ▲ Yes No Do you have property in Iowa? ▲ Yes No Step 3 Net Income and Additions to Income Step 4 Reductions to Income Period(s) Use whole dollars 1. Net Income from federal return before federal Net Operating Loss ............................................................... 1. ________________ ▲ 2. 50% of federal tax refund. ...... Accrual .................................................................. 2. ________________ ▲ 3. Other additions from Schedule A .................................................................................................................. 3. ________________ ▲ Cash 4. Net Income after additions. Add lines 1 through 3. ........................................................................................ 4. ________________ 5. 50% of federal tax paid or accrued .... Accrual Cash ▲ ................ 5. __________________ ▲ 6. Other reductions from Schedule A. ..................................................................... 6. __________________ ▲ 7. Total reductions. Add lines 5 and 6 ............................................................................................................... 7. ________________ 8. Net income after reductions. Subtract line 7 from line 4 ................................................................................ 8. ________________ Step 5 Taxable Income 9. Nonbusiness income from Schedule D, line 17 .............................................................................................9._________________ ▲ 10. Income subject to apportionment. Subtract line 9 from line 8....................................................................... 10._________________ 11. Iowa percentage from Schedule E. See instructions ................................................................................... 11._______________ % ▲ 12. Income apportioned to Iowa. Multiply line 10 by line 11............................................................................... 12._________________ 13. Iowa nonbusiness income from Schedule D, line 8 ..................................................................................... 13._________________ ▲ 14. Income before Net Operating Loss. Add lines 12 and 13............................................................................. 14._________________ 15. Net Operating Loss carryforward from Schedule F. Include Schedule F ...................................................... 15._________________ ▲ 16. Income subject to tax. Subtract line 15 from line 14. Do not enter an amount below $0 .............................. 16. ________________ Step 6 Tax, Credits and Payments 17. Computed tax. For tax rates, see page 3. Check box if tax is annualized ......................................... 17. ________________ 18. Alternative Minimum Tax from IA Corp. Form 4626. Check box if claiming small business exemption. 18. ________________ ▲ ▲ 19. Total tax. Add lines 17 and 18 .................................................................................................................... 19. ________________ 20. Credits from Schedule C1, line 4. Do not include estimated tax credit................20. __________________ ▲ 21. Payments from Schedule C2, line 4 ...................................................................21. __________________ ▲ 22. Total credits and payments. Add lines 20 and 21 ........................................................................................ 22. ________________ 23. Net amount. Subtract line 22 from line 19 ................................................................................................... 23. ________________ Step 7 Balance Due Step 8 Overpayment 24. Tax due if line 23 is greater than $0 ............................................................................................................ 24. ________________ 25. Penalty; underpayment of estimated tax. Include IA 2220 ........................................................................... 25. ________________ ▲ 26. Penalty; failure to timely pay or failure to timely file ..................................................................................... 26. ________________ ▲ 27. Interest ....................................................................................................................................................... 27. ________________ ▲ 28. Total amount due. Add lines 24 through 27. Pay electronically, or submit payment with form IA 1120V ...... 28. ________________ ▲ 29. Overpayment if line 23 is less than $0 ........................................................................................................ 29. ________________ 30. Credit to next period’s estimated tax ........................................................................................................... 30. ________________ ▲ 31. Refund requested. Subtract line 30 from line 29 ......................................................................................... 31. ________________ ▲ 42-001a (08/05/20) 2020 IA 1120, page 2 Corporation name: _____________________________________________________________ FEIN: ______________________________ Schedule A - Other Additions and Reductions Type of Income 1. Percentage Depletion Other Additions Other Reductions 2. TIP Credit from federal form 8846 3. Capital Loss Adjustments for filing status 2 or 3 4. Contribution Adjustments for filing status 2 or 3 5. Safe Harbor Lease — Rent 6. Safe Harbor Lease — Interest 7. Safe Harbor Lease — Depreciation 8. Expensing/Depreciation Adjustment from IA 4562A 9. Tax Exempt Interest and Dividends. See instructions. 10. Iowa Tax Expense/Refund 11. Work Opportunity Credit Wage Reduction from federal form 5884 12. Alcohol & Cellulosic Biofuel Credit from federal form 6478 ▲ 13. Foreign Dividend Exclusion from Schedule B below 14. Federal Securities Interest and Dividends. See instructions. 15. Adjustments due to 2018 Nonconformity. See instructions. ▲ 16. Other. Must include schedule. ▲ 17. Totals Enter total on page 1, line 3. Schedule B - Foreign Dividend Exclusion Type of Dividend Income Total Dividend Enter total on page 1, line 6. Exclusion 1. Less than 20% owned x 50% 2. 20% owned x 65% 3. Small Business Investment Company x 100% 4. Qualifying Dividends x 100% 5. Total. Add lines 1 through 4. Enter on Schedule A, line 13. .................................................................. _________________________________________ Schedule C1 - Credits Amount 1. Fuel Credit. Include IA 4136. ................................. _____________ ▲ 2. Total Nonrefundable Credits. Include IA 148 ......... _____________ ▲ 3. Total Refundable Credits, excluding Fuel Credit. Include IA 148 ....................................................... _____________ ▲ 4. Total Credits. Add lines 1-3. Enter on page 1, line 20 ................................................................... _____________ Schedule C2 - Payments 1. Estimated Tax Payments Amount a. Credit from prior period ...................................... _______________ b. First quarter ....................................................... _______________ c. Second quarter .................................................. _______________ d. Third quarter ...................................................... _______________ e. Fourth quarter .................................................... _______________ f. Other ................................................................. _______________ 2. Voucher Payment .................................................... _______________ 3. Other Payments. Include statement ......................... _______________ 4. Total. Add lines 1-3. Enter on page 1, line 21........... _______________ Additional Information 1. Year business was started in Iowa___________________________________ 2. Last period filed as S corporation (if any): _____________________________ 3. Information from the prior period Iowa return Corporation name: _______________________________________________ Income before Net Operating Loss, line 14 ____________________________ ▲ FEIN: _________________________________________________________ ▲ 4. If part of a federal consolidated group, please provide information about the Corporate parent: Corporation name: _______________________________________________ FEIN: _________________________________________________________ ▲ 42-001b (08/05/20) 2020 IA 1120, page 3 Corporation name: _______________________________________________________________ FEIN: ___________________________ Schedule E - Business Activity Ratio (BAR) (see instructions) Type of Income Column A Iowa Receipts 1. Gross Receipts Column B Receipts Everywhere ▲ ▲1 2. Net Dividends. See inst ru ct i o ns. ▲2 3. Exempt Interest from Schedule A, line 9. ▲3 4. Accounts Rec e iva bl e Interest ▲4 5. Other Interest ▲5 6. Rent ▲6 7. Royalties ▲7 8. Capital Gain ▲8 ▲9 9. Ordinary Gain ▲10 10. Partnership Gross Receipts. Include schedule. 11. Other. Must include schedule. ▲ ▲11 12. Total. Add lines 1-11. ▲ ▲12 13. Divide column A total by column B total. Enter % on page 1, line 11. For example, 0.1234505 becomes 12.3451%. _____________________ % A complete copy of your federal return, as filed with the Internal Revenue Service, must be filed with this return. For filing status 2 or 3, you must include pages 1-5 of your consolidated federal return, consolidating income statements, Iowa Schedule H and any other forms related to the Iowa return. Tax Rates If income shown on page 1, line 16 is: • • • • Under $25,000; multiply line 16 by 6% (.06). $25,000 to $100,000; multiply line 16 by 8% (.08) and subtract $500. $100,000 to $250,000; multiply line 16 by 10% (.10) and subtract $2,500. Over $250,000; multiply line 16 by 12% (.12) and subtract $7,500. If annualizing, include a schedule showing computation. To obtain schedules and forms: Website: tax.iowa.gov Tax Research Library: itrl.idr.iowa.gov/ Questions: 515-281-3114 or 800-367-3388 Email: [email protected] eFile or mail your return to: Corporation Tax Return Processing Iowa Department of Revenue PO Box 10468 Des Moines, IA 50306-0468 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 __________________ Signature of preparer if other than taxpayer ________________________________________________________________________Date __________________ Name and address of preparer or preparer’s employer ______________________________________________________________ Preparer’s telephone No. _________________________________________ ______________________________________________________________ Preparer’s ID No. ___________________________________________ ▲ ______________________________________________________________ ______________________________________________________________ 42-001c (08/05/20)
Extracted from PDF file 2020-iowa-form-ia-1120.pdf, last modified September 2020

More about the Iowa Form IA 1120 Corporate Income Tax Tax Return TY 2020

We last updated the Iowa Corporation Income Tax Return in April 2021, so this is the latest version of Form IA 1120, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form IA 1120 directly from TaxFormFinder. You can print other Iowa tax forms here.

Related Iowa Corporate Income Tax Forms:

TaxFormFinder has an additional 43 Iowa income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Iowa Form IA 1120.

Form Code Form Name
Form IA 1120ES Corporate Estimate Tax Payment Voucher
Form IA 1120 SchI J Schedules I and J IA 851 Affiliation / Consolidated Business Activity Ratio 42-022
Form IA 1120SchF Schedules F and G Net Operating and Alternative Minimum Tax Loss Carryovers 42-020
Form IA 1120SchH 1120 Schedule H Computation of Federal Tax Refund/Deduction 42-021
Form IA 1120SchL 1120 Schedule L Iowa Nexus Adjustment
Form IA 1120V Iowa Corporation Income Tax Payment Voucher
Form IA 1120X Iowa Amended Corporation Income Tax Return 42-024

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 1120 from the Department of Revenue in April 2021.

Show Sources >

Form IA 1120 is an Iowa Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.

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 1120

We have a total of ten past-year versions of Form IA 1120 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form IA 1120

IA 1120 corporation income tax return, 42-001

2019 Form IA 1120

IA 1120 corporation income tax return, 42-001

2018 Form IA 1120

IA 1120 corporation income tax return, 42-001

2017 Form IA 1120

IA 1120 corporation income tax return, 42-001

2016 Form IA 1120

IA 1120 corporation income tax return, 42-001

Iowa Corporation Income Tax Return 42-001 2015 Form IA 1120

2014 IA 1120, Iowa Corporation Income Tax Return

Iowa Corporation Income Tax Return 42-001 2014 Form IA 1120

2014 IA 1120, Iowa Corporation Income Tax Return

return only 42-001 2013 Form IA 1120

Iowa 1120 corporation income tax return

2012 Form IA 1120

Iowa 1120 corporation income tax return

2011 Form IA 1120

Iowa 1120 corporation income tax return


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