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Iowa Free Printable IA 1120X amended corporation income tax return, 42-024 for 2022 Iowa Iowa Amended Corporation Income Tax Return 42-024

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Iowa Amended Corporation Income Tax Return 42-024
IA 1120X amended corporation income tax return, 42-024

IA 1120X From ___________ to ___________ Iowa Amended Corporation Income Tax Return tax.iowa.gov ▲ Office Use Only Do not attach multiple years together. Do not use for loss carrybacks. Corporation Name and Address▲ Postmark ▲ Filing Status ____ ▲ Type of Return __ ▲ FEIN ___________________ ▲ Phone No. ______________ Reason for Amendment ▲ Federal Audit........ Federal 1120X ..... Protective Claim ... Other .................... Check this box if Name, Address or Federal Employer Identification Number (FEIN) has changed Use whole dollars 1. Federal net income. 2. 50% federal tax refund. See instructions. As last reported Net change ▲ Accrual Cash 3. Other additions to income from IA 1120. 4. Total additions. Add lines 1 through 3. 5. 50% federal tax accrued or paid. See instructions. Corrected amount ▲ 1 ▲ 2 ▲ 3 4 Accrual Cash ▲ 6. Other reductions to income from IA 1120. ▲ 5 ▲ 6 7 7. Total reductions. Add lines 5 and 6. 8 8. Net income after reductions. Subtract line 7 from line 4. 9. Nonbusiness income from Schedule D, line 17. 9 ▲ 10 10. Income subject to apportionment. Subtract line 9 from line 8. 11a. Iowa receipts. Must be reported. ▲ 11a 11b. Receipts everywhere. Must be reported. ▲ 11b % 12 12. Percentage. Divide line 11a by line 11b. Enter result carried to six places. % 13 13. Income apportioned to Iowa. Multiply line 10 by line 12. 14. Iowa nonbusiness income from Schedule D, line 8. ▲ 16. Net Operating Loss. ▲ ▲ 16 17 17. Income subject to tax. Subtract line 16 from line 15. 18. Computed tax. 19. Alternative Minimum Tax. Tax years beginning before January 1, 2021 only. ▲ 20. Total tax. Add lines 18 and 19. ▲ ▲ 18 ▲ 19 20 21. Credits. Does not include estimates from last period. ▲ 22. Payments. See instructions. ▲ 21 22 23a 23a. Total credits and payments. Add lines 21 and 22. 23b. Tax amounts previously refunded and/or credited to next period. 14 15 15. Income before Net Operating Loss. Add lines 13 and 14. ▲ 23b 24 24. Net amount. Subtract line 23a from line 20 and add line 23b. 25 25. If line 24 is greater than zero, enter tax due. 26a. IA 2220 penalty. ▲ 26a 26b. Filing and payment penalties. ▲ 26b 27. Interest. ▲ 27 28. Total amount due. Add lines 25 through 27. ▲ 28 29. If line 24 is less than zero, enter overpayment. 30. Credit to next period’s estimated tax. (Change must be requested by the last day of the subsequent tax period.) 31. Refund requested on amended return. Subtract line 30 from line 29. 29 30 ▲ 31 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 _______________ Preparer’s Signature ________________________________________ Preparer’s ID No. ___________________ Date _______________ 42-024a (07/22/2021) Schedule of Changes to Income, Deductions and Credits Item Description IA 1120X Amended Corporation Instructions IA 1120X is to be filed to make any changes to a previously-filed IA 1120 or 1120A. Please enclose a copy of page 1 of the company’s Iowa return as filed and any federal forms detailing the changes. Taxpayers are required to properly notify the Department of a federal audit or examination once all issues related to a particular federal audit or examination become final. Even if the taxpayer notifies the Department of the final disposition of some issues that are resolved while others remain outstanding, the Department's additional period of time to determine the tax due will remain open until one year following the date the taxpayer properly notifies the Department of the final determination of all issues from the audit or examination. Tax periods beginning on or after January 1, 2009, both the Iowa Net Operating Loss (NOL) and Alternative Minimum Tax Net Operating Loss (AMT NOL) can only be carried forward 20 taxable periods. If the change was due only to the carryback of a capital loss use IA 1139-CAP. Requests for refund must be filed within three years of the due date of the original return, or the postmark of the late filed return with extension, or within one year of payment. Refund claims resulting from an Internal Revenue Service (IRS) audit after the above deadline has expired must be filed within one year of the final determination date of the IRS audit. Include a copy of the federal document that shows the final determination and explains the final federal adjustments. For more information, see Iowa Code § 422.73. Check the appropriate “Reason for Amendment.” If the reason for this amended return is a Federal Centralized Partnership Audit change, federal Centralized AAR change, or Iowa pass-through audit change mark “Other.” For more information, see Iowa Code § 422.25A. If you mark “Other” for any reason, include a schedule explaining the reason with your amended return. Complete 42-024b (07/22/2021) Amount “Schedule of Changes” above. Enter the line reference from page 1 for which you are reporting a change and give the reason for each change. Include applicable schedules. Tax Period: Enter dates as MMDDYY. Filing Status: Enter the number for filing status. • Filing status 1, Separate Iowa/Separate Federal • Filing status 2, Separate Iowa/Consolidated Federal • Filing status 3, Consolidated Iowa/Consolidated Federal Type of Return: Enter the number for type of return. • 1 Regular Corporation • 2 Cooperative • 3 UBIT Line 2: Federal Refunds - The add-back for federal refunds received during the tax year is only required to the extent the refund was for federal taxes deducted on an Iowa return for a tax year beginning prior to January 1, 2021. Line 5: Federal taxes paid - The deduction for federal taxes paid is allowed only to the extent the payment was made during the current tax year, for a tax year beginning before January 1, 2021. Line 18: Computed tax For tax years beginning before January 1, 2021; If line 17 is: • Under $25,000; multiply line 17 by 6% • $25,000 to $100,000; multiply line 17 by 8% and subtract $500 • $100,001 to $250,000; multiply line 17 by 10% and subtract $2,500 • Over $250,000; multiply line 17 by 12% and subtract $7,500 For tax years beginning on or after January 1, 2021; If line 17 is: • $100,000 or less; multiply line 17 by 5.5% • $100,001 to $250,000; multiply line 17 by 9% and subtract $3,500 • Over $250,000; multiply line 17 by 9.8% and subtract $5,500 Line 19: Alternative Minimum Tax (AMT) - Include a copy of the corporation’s original IA 4626 and revised IA 4626. Also include the federal 4626 for tax years prior to 2018. The Iowa AMT is repealed for tax years beginning on or after January 1, 2021. Enter 0 on this line for tax periods beginning on or after January 1, 2021. Line 21: Credits - Enclose IA 148 Tax Credits Schedule. Line 22: Payments - Include tax amount only; exclude penalty and interest. Line 26a: IA 2220 penalty - The penalty for underpayment of estimated tax cannot be changed after the due date of the return. Line 26b: Filing and payment penalties Failure to Timely File a Return - A penalty of 5% (10% for returns due before July 1, 2021) will be added to the tax due for failure to timely file a return if the return is filed after the original due date of the return and if at least 90% of the correct amount of tax is not paid by the original due date of the return. Failure to Timely Pay the Tax Due: A penalty of 5% will be added to the tax due if the return is filed by the original due date and at least 90% of the correct amount of tax is not paid by the original due date of the return. This penalty is in addition to the penalty for failure to timely file, if applicable. For returns due before July 1, 2021, when the failure to file penalty and the failure to pay penalty are both applicable, only the failure to file penalty will apply. Audit or Examination Deficiency: A penalty of 5% will be added to the unpaid tax if the Department discovers an underpayment during an audit or examination. Penalty for Willful Failure to File: A penalty of 75% will be added to the tax due for willful failure to file a return or for filing with intent to evade tax. Waivers: Penalties can be waived under limited circumstances, as described in Iowa Code section 421.27. Complete and submit a Penalty Waiver Request form (78-629) to request a penalty be waived. 42-024c (07/22/2021) Line 27: Interest - Interest accrues on any unpaid tax from the original due date of the return. Interest will be computed by the Department for any overpayment of tax. Line 30: Credit to next period’s estimated tax Credit to next period’s estimated tax can only be changed if requested by the last day of the subsequent tax year. Where to File: Corporation Tax Return Processing Iowa Department of Revenue PO Box 10468 Des Moines IA 50306-0468 Questions: 515-281-3114 or 1-800-367-3388 Email: [email protected]
Extracted from PDF file 2021-iowa-form-ia-1120x.pdf, last modified August 2021

More about the Iowa Form IA 1120X Corporate Income Tax Amended Return TY 2021

We last updated the Iowa Amended Corporation Income Tax Return 42-024 in March 2022, so this is the latest version of Form IA 1120X, fully updated for tax year 2021. You can download or print current or past-year PDFs of Form IA 1120X directly from TaxFormFinder. 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 1120 Iowa Corporation Income Tax Return
Form IA 148 Tax Credits Schedule 41-148
Form IA 1065 Iowa Partnership Return of Income 41-016
Form IA 1041 Fiduciary Return 63-001
Form IA 1065 Schedule K1 Partnership Schedule K-1 - 41-018

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 1120X from the Department of Revenue in March 2022.

Show Sources >

Form IA 1120X is an Iowa Corporate Income Tax form. An amended tax return is used to correct errors or omissions in a previously-filed tax return. While taxpayers will not generally be punished simply for correcting an error in a previous return, errors that resulted in an underpayment of owed tax can sometimes result in penalties or interest owed.

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 1120X

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


2021 Form IA 1120X

IA 1120X amended corporation income tax return, 42-024

2020 Form IA 1120X

IA 1120X amended corporation income tax return, 42-024

2019 Form IA 1120X

IA 1120X Amended Corporation Income Tax Return, 42-024

2018 Form IA 1120X

IA 1120X amended corporation income tax return, 42-024

2017 Form IA 1120X

IA 1120X amended corporation income tax return, 42-024

2016 Form IA 1120X

IA 1120X amended corporation income tax return, 42-024

Iowa Amended Corporation Income Tax Return 42-024 2015 Form IA 1120X

IA 1120X, Iowa amended corporation income tax return

Iowa Amended Corporation Income Tax Return 42-024 2014 Form IA 1120X

IA 1120X, Iowa amended corporation income tax return

Amended Corporation Return 42-024 (cannot be used to carryback net operating losses) 2013 Form IA 1120X

Iowa amended corporation income tax return 1120X

2012 Form IA 1120X

Iowa amended corporation income tax return 1120X

2011 Form IA 1120X

Iowa amended corporation income tax return 1120X


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