Iowa Schedule H Computation of Federal Tax Refund/Deduction 42-021
Extracted from PDF file 2016-iowa-form-ia-1120schh.pdf, last modified July 2016
Schedule H Computation of Federal Tax Refund/Deduction 42-021IA Corporation Schedule H1 Computation of Federal Tax Refund/Deduction https://tax.iowa.gov Corporation Name Federal Employer Identification Number (FEIN) Tax Period For filing status 2 or 3 only. If you need more space than provided, you may copy this schedule. Note: You must enclose pages 1-5 of your consolidated federal return. Company Name Company FEIN Profit (A) Loss (B) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. Subtotal. Use in computing federal refund/deduction. ........ 32. Consolidating Adjustments and Eliminations ...................... 33. Total. Must equal income per federal return. ...................................................... _______________ 34. Separate company income/loss .......................................................................... _______________ 35. Federal taxable income/loss from line 31 ........................................................... _______________ 36. Federal tax/refund as reported to the Internal Revenue Service......................... _______________ 37. Percent allowed as an addition/reduction ........................................................... 50% 38. Federal Refund/Deduction. Divide line 34 by line 35, multiply by line 36, then multiply by line 37. Enter on lA 1120, line 5 ................................................ _______________ 42-021a (07/19/16) Schedule H General Instructions This schedule must be used when the corporation files as part of a consolidated group for federal purposes. Use extra pages if necessary to list all companies included in the consolidated federal return. Iowa Schedule H has three parts: Schedule H1 calculates the federal tax deduction/refund. Information from the consolidating income statements for each company included in the consolidated federal return is entered on Schedule H2. Schedule H3 is used to reconcile the consolidating income statements (Schedule H2) with the consolidated federal return. Schedule H1 Instructions List in column A the federal taxable income after the net operating loss and special deductions or in column B the federal taxable loss for each company computed as if a separate federal corporation income tax return was filed. Normally, this would be from the federal 1120, line 30. Complete lines 34 through 38 of Schedule H1 as follows: Line 34: Show federal taxable income of the profit company(s) reported on this Iowa return. Line 35: Enter the total from line 31, column A. Line 36: Enter federal tax from the federal 1120. Line 38: The allowed federal tax deduction is 50% of the federal income taxes paid or accrued. The deduction should be computed using one of the following methods. Accrual basis taxpayers should determine the total tax shown on page 1 of federal form 1120 and use the formula shown below. Cash basis taxpayers should compute the sum of federal taxes paid during the current tax period and federal motor fuel tax credits applied against the tax liability for the current tax period, less any federal refunds received during the current tax period using the formula shown below on each period producing payments or refunds. (Separate Company Federal Taxable Income ÷ Sum of all Positive Companies Included in the Consolidated Taxable Income Statements) × Total Tax Reported on the Consolidated Federal Return (line 31 of the 1120) × 50% = Federal Tax Deduction If your company files a consolidated Iowa return, the numerator in the above equation is the sum of the incomes of the profit companies included in the consolidated Iowa return. This formula is referred to as the “revenue producer’s formula.” The federal tax deduction is reported on IA 1120, line 5. If the federal consolidated return reports a net operating loss which is carried back, the federal refund is computed substituting loss companies in place of taxable income companies in the above formula. This formula is known as the “loss producer’s formula.” The federal refund is reported on IA 1120, line 2, in the loss year. 42-021b (07/18/16) IA Corporation Schedule H2 Corporation Name Consolidating Income Statements https://tax.iowa.gov FEIN For filing status 2 or 3 only. Tax Period Company Company Name Company FEIN 1a. Gross receipts or sales 1b. Less returns & allowances 1c. Balance 2. Cost of goods sold 3. Gross Profit 4. Dividends 5. Interest 6. Gross rents 7. Gross royalties 8. Capital gain net income 9. Net gain (or loss) from Form 4797 10. Other income 11. Total income 12. Compensation of officers 13. Salaries and wages 14. Repairs and maintenance 15. Bad debts 16. Rents 17. Taxes and licenses 18. Interest 19. Charitable contributions 20. Depreciation 21. Depletion 22. Advertising 23. Pension, profit-sharing, etc., plans 24. Employee benefit programs 25. Domestic production activities deduction 26. Other deductions 27. Total deductions 28. Taxable income before NOL & special deductions 29a. Net Operating Loss (NOL) deduction 29b. Special deductions 30. Taxable income 42-021c (07/19/16) Company IA Corporation Schedule H3 Reconciliation of Iowa Schedule H2 with Consolidated Federal Return https://tax.iowa.gov Corporation Name FEIN For filing status 2 or 3 only. Tax Period Combined 1a. Gross receipts or sales 1b. Less returns & allowances 1c. Balance 2. Cost of goods sold 3. Gross Profit 4. Dividends 5. Interest 6. Gross rents 7. Gross royalties 8. Capital gain net income 9. Net gain (or loss) from Form 4797 10. Other income 11. Total income 12. Compensation of officers 13. Salaries and wages 14. Repairs and maintenance 15. Bad debts 16. Rents 17. Taxes and licenses 18. Interest 19. Charitable contributions 20. Depreciation 21. Depletion 22. Advertising 23. Pension, profit-sharing, etc., plans 24. Employee benefit programs 25. Domestic production activities deduction 26. Other deductions 27. Total deductions 28. Taxable income before NOL & special deductions 29a. NOL deduction 29b. Special deductions 30. Taxable income 42-021d (07/19/16) Consolidated Eliminations Adjustments Return
IA 1120 Sch H Computation of Federal Tax Refund/Deduction, 42-021
More about the Iowa Form IA 1120SchH Corporate Income Tax TY 2016
We last updated the Schedule H Computation of Federal Tax Refund/Deduction 42-021 in February 2017, so this is the latest version of Form IA 1120SchH, fully updated for tax year 2016. You can download or print current or past-year PDFs of Form IA 1120SchH directly from TaxFormFinder. You can print other Iowa tax forms here.
Other Iowa Corporate Income Tax Forms:
|Form Code||Form Name|
|Form IA 1120||Iowa Corporation Income Tax Return|
|Form IA 130||Out-of-State Tax Credit 41-130|
|Form IA 147||Franchise Tax Credit 41-147|
|Form IA 4136||Computation of Iowa Motor Fuel Tax Credit 41-036|
|Form IA 128||Iowa Research Activities Credit 41-128|
Iowa usually releases forms for the current tax year between January and April. We last updated Iowa Form IA 1120SchH from the Department of Revenue in February 2017.
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 1120SchH
We have a total of two past-year versions of Form IA 1120SchH in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
IA 1120 Sch H Computation of Federal Tax Refund/Deduction, 42-021
IA Corporation Schedule H
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