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Iowa Free Printable IA 134 S Corporation Apportionment Tax Credit, 41-134 for 2020 Iowa S Corporation Apportionment Credit 41-134

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S Corporation Apportionment Credit 41-134
IA 134 S Corporation Apportionment Tax Credit, 41-134

2018 IA 134 Iowa S Corporation Apportionment Tax Credit https://tax.iowa.gov Shareholder Name(s) _______________________________________ SSN or FEIN ______________ S Corporation Name ____________________________________ S Corporation FEIN _____________ PART I – Income Items 1. Ordinary business income (loss) from line 1, federal Schedule K-1 ...................... 1. ______________ 2. Net rental real estate income (loss) from line 2, federal Schedule K-1.................. 2. ______________ 3. Other net rental income (loss) from line 3, federal Schedule K-1 .......................... 3. ______________ 4. Interest income from line 4, federal Schedule K-1 ................................................. 4. ______________ 5. Dividends from line 5a, federal Schedule K-1........................................................ 5. ______________ 6. Royalties from line 6, federal Schedule K-1........................................................... 6. ______________ 7. Net short-term capital gain (loss) from line 7, federal Schedule K-1...................... 7. ______________ 8. Net long-term capital gain (loss) from line 8a, federal Schedule K-1 ..................... 8. ______________ 9. Net section 1231 gain (loss) from line 9, federal Schedule K-1 ............................. 9. ______________ 10. Other income (loss) from line 10, federal Schedule K-1 .......................................10. ______________ 11. S corporation income. Add lines 1 through 10 ......................................................11. ______________ PART II – Deductions 12. Section 179 deductions from line 11, federal Schedule K-1 ............................ 12. ______________ 13. Other deductions other than itemized deductions from line 12, federal Schedule K-1. See instructions........................................................................ 13. ______________ 14. Total deductions. Add lines 12 and 13 ............................................................. 14. ______________ 15. Taxpayer’s share of S corporation income. Subtract line 14 from line 11 ........ 15. ______________ 16. State adjustments to federal S corporation income. Include statement ........... 16. ______________ 17. Taxpayer’s share of Iowa S corporation income. Add lines 15 and 16 ............ 17. ______________ PART III – Apportionment 18. Total non-business income .............................................................................. 18. ______________ 19. Subtract line 18 from line 17 ............................................................................ 19. ______________ 20. Business activity ratio reported on IA 1120S Schedule K-1, referencing Part IV, line 13 of IA 1120S. Do not leave blank ........................................................... 20._____________% 21. Income apportioned to Iowa. Multiply line 19 by line 20 .................................. 21. ______________ 22. Iowa non-business income .............................................................................. 22. ______________ 23. Iowa source S corporation income. Add lines 21 and 22 ................................. 23. ______________ 41-134a (08/14/18) 2018 IA 134, page 2 PART IV – Credit Calculation 24. Cash or property distribution from income not previously taxed by Iowa ......... 24. ______________ 25. Federal tax on S corporation income, line 9, Schedule A, IA 134 .................... 25. ______________ 26. Subtract line 25 from line 24. If zero or less, enter zero .................................. 26. ______________ 27. Enter the greater of line 23 or line 26 .............................................................. 27. ______________ 28. Iowa net income from line 26, IA 1040 or line 9, IA 1041, exclude NOL carryforward/carryback .................................................................................... 28. ______________ 29. Subtract line 17 from line 28. ........................................................................... 29. ______________ 30. Add lines 27 and 29 ......................................................................................... 30. ______________ 31. Divide line 30 by line 28. Enter percentage to 4 decimals. If less than zero, enter 0.00%. If 1 or greater, enter 100.00%..................................................... 31._____________% 32. Subtract line 31 from 100.00% ........................................................................ 32._____________% 33. Iowa tax from line 42, IA 1040, or line 26, IA 1041 .......................................... 33. ______________ 34. S Corporation Apportionment Tax Credit. Multiply line 32 by line 33, if zero or less, enter zero. Enter in column D on Part I of the IA 148 Tax Credits Schedule ... 34. ______________ IA 148 Tax Credits Schedule must be completed Schedule A: Federal Income Tax Attributable to S Corporation Income Shareholders who file a federal joint return and status 3 for Iowa can refer to Iowa rule 701-50.10 for clarification. 1. Taxpayer’s share of federal S corporation income from line 15, IA 134 ....................... 1. __________ 2. Federal adjusted gross income from line 7 of the federal 1040; or line 9 of the federal 1041 ................................................................................................................. 2. __________ 3. Divide line 1 by line 2. Enter percentage to 4 decimal places (not to exceed 100%) ... 3. _________ % 4. Federal income tax before credits from line 11a of the federal 1040; or line 1a of federal 1041 Schedule G ............................................................................................. 4. __________ 5. Federal alternative minimum tax from line 45, federal 1040 Schedule 2; or line 1c of federal 1041 Schedule G ............................................................................................. 5. __________ 6. Net federal income tax. Add lines 4 and 5.................................................................... 6. __________ 7. Multiply line 3 by line 6 ................................................................................................. 7. __________ 8. Federal income tax credits related to the S corporation (exclude backup withholding and fuel tax credit)........................................................................................................ 8. __________ 9. Federal income tax attributable to S corporation income. Subtract line 8 from line 7. Enter on line 25 of IA 134. ............................................................................................ 9. __________ 41-134b (08/14/18) 2018 IA 134 S Corporation Apportionment Tax Credit Instructions Line 20: Business Activity Ratio Iowa resident shareholders of S corporations, estates, and trusts with a situs in Iowa may be Report the BAR provided to shareholders on eligible for an S Corporation Apportionment Tax the IA 1120S Schedule K-1. The S Corporation Credit if the S corporation carries on business must complete the IA 1120S in order for within and without Iowa. shareholders to make a claim to this tax credit. A shareholder who has elected to apportion Line 24: Cash or property distributions from income by claiming the S Corporation income not previously taxed by Iowa Apportionment Tax Credit and then elects not to Distributions from income not previously taxed apportion income cannot re-elect to apportion by Iowa include the amount of all cash income for three tax years immediately following distributions and the fair market value of all the first tax year in which the shareholder elected property distributions made during the year. Do not to apportion income, unless the Director of not include the following: the Iowa Department of Revenue consents to the a. Distributions not subject to Iowa tax. election. Example: interest from federal securities or If a taxpayer claims the S Corporation certain securities issued by Iowa. Apportionment Tax Credit, the taxpayer may not b. Distributions from income previously taxed take an Out-of-State Tax Credit against Iowa by Iowa for a year in which the S corporation income tax for income taxes paid to another was a C corporation and which is taxed as a state or foreign country on the S corporation dividend or capital gain for federal income tax income. purposes. For married taxpayers filing separately (filing c. Distributions from income previously taxed status 3 or 4), each spouse must calculate a by Iowa for a year prior to the first tax year the separate credit on a separate IA 134. resident shareholder elected to apportion If a taxpayer is a shareholder in multiple S income. corporations, a separate IA 134 must be d. Distributions paid from income for which the completed for each S corporation. corporation can show that Iowa tax has been Each S Corporation Apportionment Tax Credit previously paid. must be reported on a separate line of Part I on Line 34: S Corporation Apportionment Tax the IA 148 Tax Credits Schedule. Include the S Credit corporation name in column M and the FEIN in Enter in column D of Part I on the IA 148 Tax column N of Part IV on the IA 148. Credits Schedule; use tax credit code 11 in Line 13: Other Deductions column A and leave column B blank. Any credit Do not include amounts paid by the corporation in excess of the tax liability cannot be carried that would be allowed as itemized deductions on forward and should be entered as expired in a shareholder’s return if they were paid directly column G of the IA 148. by a shareholder for the same purpose. Include this form and the IA 148 with your IA 1040 or IA 1041. 41-134c (08/14/18)
Extracted from PDF file 2018-iowa-form-ia-134.pdf, last modified August 2016

More about the Iowa Form IA 134 Corporate Income Tax Tax Credit

We last updated the S Corporation Apportionment Credit 41-134 in February 2019, and the latest form we have available is for tax year 2018. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Iowa Department of Revenue. 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 130 Out-of-State Tax Credit 41-130
Form IA 1041 Instructions Fiduciary Tax Return Instructions 63-002
Form IA 1041 Fiduciary Return 63-001
Form IA 1120 Iowa Corporation Income Tax Return
Form IA 1065 Iowa Partnership Return of Income 41-016

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 134 from the Department of Revenue in February 2019.

Show Sources >

Form IA 134 is an Iowa Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

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 134

We have a total of seven past-year versions of Form IA 134 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2018 Form IA 134

IA 134 S Corporation Apportionment Tax Credit, 41-134

2017 Form IA 134

IA 134 S Corporation Apportionment Tax Credit, 41-134

2016 Form IA 134

IA 134 S Corporation Apportionment Tax Credit, 41-134

S Corp Apportionment Credit 41-134 2013 Form IA 134

Iowa S corporation apportionment credit form

2011 Form IA 134

Iowa S corporation apportionment credit form


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