Iowa Free Printable IA 134 S Corporation Apportionment Tax Credit, 41-134 for 2017 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

2016 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. 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 .................................................................................................... 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. 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. 41-134a (08/20/16) 2016 IA 134 S Corporation Apportionment Tax Credit Instructions Line 13: Other Deductions - Do not include Iowa resident shareholders of S corporations, amounts paid by the corporation that would be estates, and trusts with a situs in Iowa may be allowed as itemized deductions on a eligible for an S Corporation Apportionment Tax shareholder’s return if they were paid directly by Credit if the S corporation carries on business a shareholder for the same purpose. outside Iowa. Line 24: Cash or property distributions from A shareholder who has elected to apportion income not previously taxed by Iowa income by claiming the S Corporation Distributions from income not previously taxed Apportionment Tax Credit and then elects not to by Iowa include the amount of all cash apportion income cannot re-elect to apportion distributions and the fair market value of all income for three tax years immediately following property distributions made during the year. Do the first tax year in which the shareholder not include the following: elected not to apportion income, unless the Director of the Iowa Department of Revenue a. Distributions not subject to Iowa tax. consents to the election. Example: interest from federal securities or certain securities issued by Iowa. If a taxpayer claims the S Corporation b. Distributions from income previously taxed Apportionment Tax Credit, then the taxpayer by Iowa for a year in which the S corporation may not take an Out-of-State Tax Credit against Iowa income tax for income taxes paid to was a C corporation and which is taxed as a another state or foreign country on the S dividend or capital gain for federal income tax corporation income. purposes. c. Distributions from income previously taxed For married taxpayers filing separately (filing 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 income. If a taxpayer is a shareholder in multiple S 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 previously paid. Each S Corporation Apportionment Tax Credit 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 - Enter in column D of Part I on the IA 148 corporation name in column M and the FEIN in Tax Credits Schedule; use tax credit code 11 in column N of Part IV on the IA 148. column A and leave column B blank. Any credit in excess of the tax liability cannot be carried forward and should be entered as expired in column G of the IA 148. 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 37, federal 1040; or line 9, 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 44, federal 1040; or line 1a of Schedule G, federal 1041 ............................................................................................. 4. 5. Federal alternative minimum tax from line 45, federal 1040; or line 1c of Schedule G, federal 1041 ............................................................................................. 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 ... 9. 41-134b (07/10/16)
Extracted from PDF file 2016-iowa-form-ia-134.pdf, last modified August 2016

More about the Iowa Form IA 134 Corporate Income Tax Tax Credit TY 2016

We last updated the S Corporation Apportionment Credit 41-134 in February 2017, so this is the latest version of Form IA 134, fully updated for tax year 2016. You can download or print current or past-year PDFs of Form IA 134 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 1041 Fiduciary Return 63-001
Form IA 1120 Iowa Corporation Income Tax Return
Form IA 130 Out-of-State Tax Credit 41-130
Form IA 147 Franchise Tax Credit 41-147
Form IA 4136 Computation of Iowa Motor Fuel Tax Credit 41-036

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 2017.

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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 five 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:


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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