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Iowa Free Printable IA corporation schedules F and G, 42-020 for 2020 Iowa Schedules F and G Net Operating and Alternative Minimum Tax Loss Carryovers 42-020

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Schedules F and G Net Operating and Alternative Minimum Tax Loss Carryovers 42-020
IA corporation schedules F and G, 42-020

IA Corporation Schedules F and G https://tax.iowa.gov Corporation Name Federal Employer Identification Number (FEIN) Tax Period Schedule F: Iowa Net Operating Loss (NOL) A Tax Period Ended B Iowa Loss Incurred C Tax Period Applied To D Loss Applied To Prior Year(s) E Loss Applied To Current Year F Unused Loss Total G FEIN (if different from above) H Corporation Name (if different from above) Enter the total of column E on line 15, IA 1120. Schedule G: Iowa Alternative Minimum Tax Net Operating Loss (AMT NOL) A Tax Period Ended Total B Iowa Loss Incurred C Tax Period Applied To D Loss Applied To Prior Year(s) E F Loss Applied Unused Loss To Current Year G FEIN (if different from above) H Corporation Name (if different from above) Enter the total of column E on line 11, IA 4626. 42-020a (10/05/18) Instructions for Schedule F – Iowa Net Operating Loss Schedule F should be included for supporting detail if an Iowa net operating loss (NOL) deduction is taken on IA 1120, line 15. Be sure to reflect any prior Iowa audits which may have corrected amounts originally reported. The NOL amount applied to the current year must not exceed the amount on the IA 1120, line 14. The NOL must be carried back or over to the applicable period as a reduction of the net income attributable to Iowa for that period. An NOL cannot be carried back to a period in which the taxpayer was not doing business in Iowa. A NOL cannot be carried forward if it was incurred in a period in which the taxpayer was not doing business in Iowa. If the election under section 172(b)(3) of the Internal Revenue Code is made, the NOL must also be carried forward. The carryforward is 15 taxable periods for tax periods beginning on or before August 5, 1997. For tax periods beginning after August 5, 1997, but before January 1, 2009, NOLs may be carried back two taxable periods and carried forward 20 taxable periods. NOLs for tax periods beginning after August 5, 1997, but before January 1, 2009, can be carried back three years only for losses incurred in a presidentially-declared disaster area by a taxpayer engaged in a small business. Iowa did not adopt the 5-year carryback provision for NOLs incurred in 2008 for small businesses as set forth in the federal American Recovery and Reinvestment Act of 2009. The carryback period for NOLs from farming businesses is five years to the extent the net operating losses are for tax years beginning on or after January 1, 1998, but before January 1, 2009. Any Contribution Conversion Adjustment, if applicable, should be listed separately for each period. For tax periods beginning on or after January 1, 2009, both the NOL and Iowa alternative minimum tax net operating loss can only be carried forward 20 taxable periods. Computation of a separate corporation’s contribution to consolidated income or net operating loss subject to Iowa tax for purposes of net operating loss carryover and carryback limitations must be as follows: A B x C x D A + E = Separate corporation’s contribution to consolidated income subject to Iowa tax. A = Separate corporation gross sales within and without Iowa after elimination of all intercompany transactions. B = Consolidated gross sales within and without Iowa after elimination of all intercompany transactions. C = Iowa consolidated net income subject to apportionment (IA 1120, line 10). D = Separate corporation gross sales within Iowa after elimination of all intercompany transactions. E = Separate corporation income allocable to Iowa. Instructions for Schedule G – Iowa Alternative Minimum Tax Net Operating Loss Schedule G is required if there is an Iowa alternative minimum tax net operating loss (AMT NOL) claimed on Schedule IA 4626. These losses are carried back or forward in the same way as regular net operating losses. The computation of a separate corporation’s contribution to consolidated AMT income or AMT NOL for purposes of the net operating loss carryover or carryback is the same formula as set forth above, except that C is the Iowa consolidated AMT income subject to apportionment from the Schedule IA 4626, line 7. The AMT NOL amount applied to the current year is limited to 90% of the amount on line 11 on Schedule IA 4626. The total for column E must equal the amount entered on the Schedule IA 4626, line 11. 42-020b (10/05/18)
Extracted from PDF file 2018-iowa-form-ia-1120schf.pdf, last modified October 2018

More about the Iowa Form IA 1120SchF Corporate Income Tax

We last updated the Schedules F and G Net Operating and Alternative Minimum Tax Loss Carryovers 42-020 in February 2019, and the latest form we have available is for tax year 2018. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Iowa Department of Revenue. You can print other Iowa tax forms here.

Other Iowa Corporate 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 1041 Instructions Fiduciary Tax Return Instructions 63-002
Form IA 148 Tax Credits Schedule 41-148
Form IA 1041 Fiduciary Return 63-001
Form IA 130 Out-of-State Tax Credit 41-130
Form IA 1120 Iowa Corporation Income Tax Return

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 1120SchF from the Department of Revenue in February 2019.

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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 1120SchF

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


2018 Form IA 1120SchF

IA corporation schedules F and G, 42-020

2017 Form IA 1120SchF

IA corporation schedules F and G, 42-020

2016 Form IA 1120SchF

IA corporation schedules F and G, 42-020

Schedules F and G Net Operating and Alternative Minimum Tax Loss Carryovers 42-020 2015 Form IA 1120SchF

Iowa corporation schedules F and G


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