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Iowa Free Printable IA 1120X amended corporation income tax return, 42-024 for 2019 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 ▲ Accrual basis Corrected amount ▲ ▲ 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 Net change ▲ 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. 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. ▲ ▲ ▲ % % ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ 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 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 ____________________________________________________ Title ____________________ Date ______________ Preparer Signature _________________________________________ Preparer’s ID No ____________________ Date ______________ 42-024a (08/06/18) Schedule of Changes to Income, Deductions and Credits Item Description Amount IA 1120X Amended Corporation Instructions Line 19: Alternative Minimum Tax - Include a copy of Form IA 1120X is to be filed to make any changes to the corporation’s original IA 4626 and revised IA a previously-filed form IA 1120 or 1120A. Please enclose a copy of page 1 of the company’s Iowa 4626. Also include the federal 4626 for tax years return as filed and any federal forms detailing the prior to 2018. changes. Line 21: Credits - Enclose IA 148 Tax Credits If the change was due only to the carryback of a Schedule. capital loss use form IA 1139-CAP. Line 22: Payments - Include tax amount only; exclude penalty and interest. Requests for refund must be filed within three years of the due date of the original return, or the postmark Line 26b: Note: Penalties can only be waived under of the late filed return with extension, or within one limited circumstances, as described in Iowa Code year of payment. section 421.27. Refund claims resulting from a federal audit after the Failure to Timely File a Return: A penalty of 10% will above statute has expired must be filed within six be added to the tax due for failure to timely file a months of the date the audit was finalized by the return if the return is filed after the original due date Internal Revenue Service. Include the final of the return and if at least 90% of the correct determination letter from the federal audit. amount of tax is not paid by the original due date of the return. Check the appropriate “Reason for Amendment.” Complete “Schedule of Changes” above. Enter the Failure to Timely Pay the Tax Due or Penalty for line reference from page 1 for which you are Audit Deficiency: A penalty of 5% will be added to reporting a change and give the reason for each the tax due if the return is filed by the original due change. Include applicable schedules. date and at least 90% of the correct amount of tax is Tax Period: Enter dates as MMDDYY. not paid by the original due date of the return. Filing Status: Enter the number for filing status. When the failure to file penalty and the failure to pay penalty are both applicable, only the failure to file  Filing status 1, Separate Iowa/Separate Federal penalty will apply.  Filing status 2, Separate Iowa/Consolidated Penalty for Willful Failure to File: A penalty of 75% Federal will be added to the tax due for willful failure to file a  Filing Status 3, Consolidated Iowa/Consolidated return or for filing with intent to evade tax. Federal Line 27: Interest - Interest accrues on any unpaid Type of Return: Enter the number for type of return. tax from the original due date of the return. Interest  1 Regular Corporation will be computed by the Department for any  2 Cooperative overpayment of tax.  3 UBIT Line 30: Credit to next period’s estimated tax can Line 18: Computed tax – If line 17 is: only be changed if requested by the last day of the  Under $25,000; multiply line 17 by 6% subsequent tax year.  $25,000 to $100,000; multiply line 17 by 8% and Where to File: subtract $500 Corporation Tax Return Processing  $100,000 to $250,000; multiply line 17 by 10% Iowa Department of Revenue and subtract $2,500 PO Box 10468  Over $250,000; multiply line 17 by 12% and Des Moines IA 50306-0468 subtract $7,500 Questions: 515-281-3114 or 1-800-367-3388 Email: [email protected] 42-024b (08/06/18)
Extracted from PDF file 2018-iowa-form-ia-1120x.pdf, last modified August 2017

More about the Iowa Form IA 1120X Corporate Income Tax Amended Return TY 2018

We last updated the Iowa Amended Corporation Income Tax Return 42-024 in February 2019, so this is the latest version of Form IA 1120X, fully updated for tax year 2018. 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 130 Out-of-State Tax Credit 41-130
Form IA 1041 Fiduciary Return 63-001
Form IA 1041 Instructions Fiduciary Tax Return Instructions 63-002
Form IA 1065 Iowa Partnership Return of Income 41-016
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 1120X from the Department of Revenue in February 2019.

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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 eight 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:

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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