Iowa Application for Refund Due to the Carryback of Capital Losses
Extracted from PDF file 2020-iowa-form-ia-1139-cap.pdf, last modified January 2017
Application for Refund Due to the Carryback of Capital LossesOffice Use Only IA 1139-CAP tax.iowa.gov Application for Refund Due to the Carryback of Capital Losses All amounts should be in whole dollars. Corporation Name and Address: s FEIN: Do not attach to Iowa return; mail in separate envelope. s Type of Tax: Corporation s Franchise Loss Return for the period ended ____/____/____ s Check box if name, address, or FEIN has changed. Phone No. (_____)______-____________ NOTE: The net operating loss and alternative minimum tax loss can only be carried forward for tax years beginning on or after January 1, 2009. 1. Net Income ................................................ An Iowa capital loss can be carried back three tax periods. Federal Audit Involved after carryback Remaining to be carried forward $ _______________ s $ ________________ s YES NO s 2nd preceding 1st preceding tax period____/____/____ s tax period____/____/____ s 3rd preceding tax period____/____/____ s as last reported on ________ Amount of Capital Loss as last reported on ________ after carryback as last reported on ________ after carryback ____________________________________________________________________________________________________________ 2. Iowa Capital Loss ...................................... ____________________________________________________________________________________________________________ 3. Capital Loss Subtotal. Subtract line 2 from 1. ____________________________________________________________________________________________________________ 4. 50% Federal Refund From Capital Loss .. ____________________________________________________________________________________________________________ 5. Subtotal. Add lines 3 and 4. ...................... ____________________________________________________________________________________________________________ 6. Nonbusiness Income ................................. ____________________________________________________________________________________________________________ 7. Income Subject To Apportionment..... ____________________________________________________________________________________________________________ 8. Iowa Percentage ........................................ ____________________________________________________________________________________________________________ 9. Income Apportioned To Iowa .................... ____________________________________________________________________________________________________________ 10. Iowa Nonbusiness Income .................... ____________________________________________________________________________________________________________ 11. Income Before Net Operating Losses.. ____________________________________________________________________________________________________________ 12. Iowa Net Operating Loss Carryforward ____________________________________________________________________________________________________________ 13. Iowa Net Operating Loss Carryback... ____________________________________________________________________________________________________________ 14. Income Subject To Tax ......................... ____________________________________________________________________________________________________________ 15. Computed Tax ........................................ ____________________________________________________________________________________________________________ 16. Alternative Minimum Tax. Include forms ____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________________ 17. Total Tax Liability ................................... ____________________________________________________________________________________________________________ 18. Recomputed Tax Liability from line 17 ____________________________________________________________________________________________________________ 19. Decrease In Tax. Subtract line 18 from s s s ____________________________________________________________________________________________________________ line 17. Under penalties of perjury, I declare that I have examined this return and schedules/statements, and, to the best of my knowl-edge, 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’s Signature: _______________________________________ Date: ________ Title: __________________________________ Preparer’s Signature: _____________________________________ Date: ________ Preparer’s Phone: _______________________ You must enclose a copy of page 1 of the company’s Iowa returns as filed and any federal forms 1120X or 1139 filed for all periods involved with this claim. Preparer’s ID No.: ______________________ Interest on claim will accrue starting on the date all required information is received by the Department. 42-028a (09/04/20) IA 1139-CAP Instructions 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. Form IA 1139-CAP can be used only for the carryback of an Iowa capital loss. If any other changes are involved, form IA 1120X must be filed. An Iowa capital loss can be carried back three tax periods and carryback claims must be filed within three years of the due date of the return producing the capital loss. Enclose copies of page 1 of your Iowa return for all periods involved with this claim, including the loss year and any federal claims involved (1139 or 1120X). Loss Information: Provide the amount of Iowa capital loss. Show the remaining loss to be carried forward after this carryback. Indicate whether any year involved in this claim has been adjusted by federal audit. If yes, include a copy of the federal audit. As Last Reported On: The figures used should be from the last form filed. Provide a copy of the last form filed or the date of the last Iowa audit. Line 1: Net Income - Iowa income as last computed after additions and reductions on IA 1120 or IA 1120A, line 8. Include adjustments to federal domestic production activities deduction. Line 2: Iowa Capital Loss - Amount of loss from federal return or refund claim. Line 4: 50% Federal Refund from Capital Loss (accrual basis only): 50% of the amount from any applicable federal claim. If refund is due to both a capital loss and a net operating loss, compute the amount attributable to the capital loss in the following manner: federal capital loss ÷ (capital loss + net operating loss) x federal refund x 50%. This line does not apply to IA 1120F. Line 6: Nonbusiness Income - Amount from IA 1120, line 9, or from IA 1120F and/or schedules, or as last computed. Line 7: Income Subject to Apportionment - Subtract line 6 from line 5. Line 8: Iowa Percentage - Amount from IA 1120, line 11 or as last computed. If your business activity is entirely in Iowa, enter 100%. Line 9: Income Apportioned to Iowa - Multiply line 7 by line 8. Line 10: Iowa Nonbusiness Income - Amount from IA 1120, line13, as last computed, or from IA 1120F and/or schedules. Line 11: Income Before Net Operating Loss - Add lines 9 and 10. Line 12: Iowa Net Operating Loss Carryforward – Amount from IA 1120, line 15, or IA 1120A, line 9, as last computed, or from IA 1120F and/or schedules. Line 13: Iowa Net Operating Loss - “As last reported” and “After carryback” - loss previously carried back. Line 14: Income Subject to Tax - Subtract lines 12 and 13 from line 11. Line 15: Computed Tax - Multiply line 14 by the following: Corporation Tax If line 14 is: Under $25,000; multiply line 14 by 6%. $25,000 to $100,000; multiply line 14 by 8% and subtract $500. $100,000 to $250,000; multiply line 14 by 10% and subtract $2,500. Over $250,000; multiply line 14 by 12% and subtract $7,500. Franchise Tax on Financial Institutions Total income subject to tax: 5% Line 16: Alternative Minimum Tax: Amount from IA 4626, from IA 4626F, or as last computed. If the amount of alternative minimum tax or alternative minimum tax credit is changed, the original computation and the revised computation must be included, as well as an updated IA 148. Line 17: Total Tax Liability - Add lines 15 and 16. Line 18: Recomputed Tax Liability - Amount from line 17 “after carryback.” Mail completed form with applicable enclosures to: Compliance Services Iowa Department of Revenue PO Box 10465 Des Moines IA 50306-0465 Questions: Call: 515-281-3114 or 800-367-3388 E-mail: [email protected] 42-028b (09/04/20)
More about the Iowa Form IA 1139-CAP Corporate Income Tax TY 2020
We last updated the Application for Refund Due to the Carryback of Capital Losses in April 2021, so this is the latest version of Form IA 1139-CAP, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form IA 1139-CAP directly from TaxFormFinder. You can print other Iowa tax forms here.
Other Iowa Corporate Income Tax Forms:
|Form Code||Form Name|
|Form IA 1041 Instructions||Fiduciary Tax Return Instructions 63-002|
|Form IA 1120ES||Corporate Estimate Tax Payment Voucher|
|Form IA 1041||Fiduciary Return 63-001|
|Form IA 1120||Iowa Corporation Income Tax Return|
|Form IA 1065 Schedule K1||Partnership Schedule K-1 - 41-018|
Iowa usually releases forms for the current tax year between January and April. We last updated Iowa Form IA 1139-CAP from the Department of Revenue in April 2021.
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 1139-CAP
We have a total of nine past-year versions of Form IA 1139-CAP in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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.