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Iowa Free Printable IA 1120X amended corporation income tax return, 42-024 for 2018 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 Iowa Amended Corporation Income Tax Return https://tax.iowa.gov From to ▲ Office Use Only Do not attach multiple years together. Do not use for loss carrybacks. Postmark Corporation Name and Address ▲ ▲ Filing Status Type of Return FEIN Phone No. Contact Person ▲ ▲ ▲ Reason for Amendment ▲ Federal Audit .......... Federal 1120X ........ Protective Claim ..... Other ...................... Check this box if Name, Address or FEIN has changed Use Whole Dollars 1. Federal Net Income 2. 50% Federal Tax Refund As last reported Net change Corrected amount ▲ Accrual basis ▲ ▲ Cash basis 3. Other additions to income from IA 1120 4. Total Additions. Add lines 1 through 3. 5. 50% federal tax accrued or paid Accrual basis ▲ Cash basis ▲ ▲ ▲ 6. Other reductions to income from IA 1120. 7. Total reductions. Add lines 5 and 6. 8. Net income after reductions. Subtract line 7 from line 4. ▲ 9. Nonbusiness income from Schedule D, line 17. 10. Income subject to apportionment. Subtract line 9 from line 8. 11a. Iowa Receipts. Must be reported. 11b. Receipts Everywhere. Must be reported. 12. Percentage. Divide line 11a by line 11b. Enter result carried to six places. 13. Income apportioned to Iowa. Multiply line 10 by line 12. 14. Iowa nonbusiness income from Schedule D, line 8. 15. Income before Net Operating Loss. Add lines 13 and 14. 16. Net Operating Loss. ▲ ▲ % % ▲ ▲ 17. Income subject to tax. Subtract line 16 from line 15. 18. Computed tax. 19. Alternative Minimum Tax. 20. Total tax. Add lines 18 and 19. 21. Credits. Does not include estimates from last period. 22. Payments. See instructions. 23a. Total credits and payments. Add lines 21 and 22. 23b. Tax amounts previously refunded and/or credited to next period. 24. Net amount. Subtract line 23a from line 20 and add line 23b. ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ 25. If line 24 is greater than zero, enter tax due. 26a. IA 2220 Penalty. 26b. Late penalty. 27. Interest. 28. Total amount due. Add lines 25 through 27. ▲ ▲ ▲ ▲ 1 2 3 4 5 6 7 8 9 10 11a 11b 12 13 14 15 16 17 18 19 20 21 22 23a 23b 24 25 26a 26b 27 28 29 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. 30 ▲ 31 Under penalties of perjury, I declare that I have examined this return, and included schedules/statements, and, to the best of my knowledge, believe it to be true, correct and complete. If prepared by a person other than the taxpayer, the declaration is based on all information of which there is any knowledge. Officer Signature Preparer Signature 42-024a (06/28/17) Title Date Preparer’s ID No Date Schedule of Changes to Income, Deductions and Credits Item Description Amount IA 1120X Amended Corporation Instructions Form IA 1120X is to be filed to make any changes Line 19: Alternative Minimum Tax - Include a copy to a previously-filed form IA 1120 or 1120A. of the corporation’s original IA 4626, revised IA Please enclose a copy of page 1 of the company’s 4626, and the federal 4626. Iowa return as filed and any federal forms detailing Line 21: Credits - Enclose IA 148 Tax Credits the changes. Schedule. If the change was due only to the carryback of a Line 22: Payments - Include tax amount only; capital loss use form IA 1139-CAP. exclude penalty and interest. Requests for refund must be filed within three Line 26b: Note: Penalties can only be waived years of the due date of the original return, or the under limited circumstances, as described in Iowa postmark of the late filed return with extension, or Code section 421.27. within one year of payment. Failure to Timely File a Return: A penalty of 10% Refund claims resulting from a federal audit after will be added to the tax due for failure to timely file the above statute has expired must be filed within a return if the return is filed after the original due six months of the date the audit was finalized by date of the return and if at least 90% of the correct the Internal Revenue Service. Include the final amount of tax is not paid by the original due date determination letter from the federal audit. of the return. Check the appropriate “Reason for Amendment.” Failure to Timely Pay the Tax Due or Penalty for Complete “Schedule of Changes” above. Enter the Audit Deficiency: A penalty of 5% will be added to line reference from page 1 for which you are the tax due if the return is filed by the original due reporting a change and give the reason for each date and at least 90% of the correct amount of tax change. Include applicable schedules. is not paid by the original due date of the return. Tax Period: Enter dates as MMDDYY. When the failure to file penalty and the failure to pay penalty are both applicable, only the failure to Filing Status: Enter the number for filing status. file penalty will apply. • Filing status 1, Separate Iowa/Separate Federal Penalty for Willful Failure to File: A penalty of 75% • Filing status 2, Separate Iowa/Consolidated will be added to the tax due for willful failure to file Federal a return or for filing with intent to evade tax. • Filing Status 3, Consolidated Iowa/Consolidated Federal Line 27: Interest - Interest accrues on any unpaid tax from the original due date of the return. Type of Return: Enter the number for type of Interest will be computed by the Department for return. any overpayment of tax. • 1 Regular Corporation Line 30: Credit to next period’s estimated tax can • 2 Cooperative only be changed if requested by the last day of the • 3 UBIT subsequent tax year. Line 18: Computed tax – If line 17 is: Where to File: • Under $25,000; multiply line 17 by 6% Corporation Tax Return Processing • $25,000 to $100,000; multiply line 17 by 8% Iowa Department of Revenue and subtract $500 PO Box 10468 • $100,000 to $250,000; multiply line 17 by 10% Des Moines IA 50306-0468 and subtract $2,500 Questions: 515-281-3114 or 1-800-367-3388 • Over $250,000; multiply line 17 by 12% and Email: [email protected] subtract $7,500 42-024b (06/28/17)
Extracted from PDF file 2017-iowa-form-ia-1120x.pdf, last modified August 2017

More about the Iowa Form IA 1120X Corporate Income Tax Amended Return TY 2017

We last updated the Iowa Amended Corporation Income Tax Return 42-024 in February 2018, so this is the latest version of Form IA 1120X, fully updated for tax year 2017. 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.

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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 1041 Fiduciary Return 63-001
Form IA 1065 Iowa Partnership Return of Income 41-016
Form IA 147 Franchise Tax Credit 41-147

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 February 2018.

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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 seven 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:

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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While we do our best to keep our list of Iowa Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

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