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Iowa Free Printable 42028-CAP.pmd for 2022 Iowa Application for Refund Due to the Carryback of Capital Losses

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Application for Refund Due to the Carryback of Capital Losses
42028-CAP.pmd

IA 1139 CAP tax.iowa.gov Office use only Application for Refund Due to the Carryback of Capital Losses All amounts should be in whole dollars. Corporation Name and Address: ▲ FEIN: Do not attach to Iowa return; mail in separate envelope ▲ Type of Tax: Corporation Franchise ▲ Loss Return for the period ended _____ / _____ / ____ ▲ An Iowa capital loss can be carried back three tax periods. Check the box if name, address, or FEIN has changed. Phone number: __________________ 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. Amount of capital loss Remaining to be carried forward $_______________ ▲ $_______________ ▲ Federal Audit Involved Yes No ▲ 3rd preceding tax period 2nd preceding tax period 1st preceding tax period _____ / _____ / ______ ▲ _____ / _____ / ______ ▲ _____ / _____ / _____ ▲ as last reported on _________ as last reported on _________ as last reported on _________ after carryback after carryback after carryback 1. Net income ......................................................... 2. Iowa capital loss ................................................. 3. Capital loss subtotal. Subtract line 2 from line 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 Loss..................... 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 line 17 .... ▲ ▲ ▲ I, the undersigned, declare under penalties of perjury and false certificate, that I have examined this Application for Refund, and, to the best of my knowledge and belief, it is true, correct, and complete. Officer’s Signature: ________________________________ Date: ____________ Title: ____________________________ Preparer’s Signature: _______________________________ Date: ____________ Preparer’s Phone: _________________ Preparer’s ID No.: __________________ 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. Interest on claim will accrue starting on the date all required information is received by the Department. 42-028a (09/21/2021) 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 (refunds for federal taxes deducted on an Iowa return in a year beginning prior to January 1, 2021 only). 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, line 13, 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: For tax years beginning before January 1, 2021, 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. For tax years beginning on or after January 1, 2021, if line 14 is: • $100,000 or less; multiply line 14 by 5.5% (.055). • $100,001 to $250,000; multiply line 14 by 9% (.09) and subtract $3,500 • Over $250,000; multiply line 14 by 9.8% (.098) and subtract $5,500. Franchise Tax on Financial Institutions: Total income subject to tax: 5% Line 16: Alternative Minimum Tax (AMT): Amount from IA 4626, from IA 4626F, or as last computed. If the amount of AMT or AMT credit is changed, the original computation and the revised computation must be included, as well as an updated IA 148. The Iowa AMT is repealed for tax years beginning on or after January 1, 2021. The AMT credit is available only for tax years beginning before January 1, 2022 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 P.O. Box 10465 Des Moines IA 50306-0465 Questions: Call: 515-281-3114 or 800-367-3388 E-mail: [email protected] 42-028b (11/12/2021)
Extracted from PDF file 2021-iowa-form-ia-1139-cap.pdf, last modified January 2017

More about the Iowa Form IA 1139-CAP Corporate Income Tax TY 2021

We last updated the Application for Refund Due to the Carryback of Capital Losses in February 2022, so this is the latest version of Form IA 1139-CAP, fully updated for tax year 2021. 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:

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 1139-CAP from the Department of Revenue in February 2022.

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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 ten 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:



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