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Iowa Free Printable IA 134 S Corporation Apportionment Tax Credit, 41-134 for 2021 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

2020 IA 134 Iowa S Corporation Apportionment Tax Credit 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 (BAR) 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 (09/29/2020) 2020 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 net operating loss (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 the result as a percentage rounded to 4 decimal places. 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 for Full-Year Resident. Multiply line 32 by line 33, if zero or less, enter zero. If you were a full-year Iowa resident, enter this amount in column D on Part I of the IA 148 Tax Credits Schedule. If you were a part-year Iowa resident, proceed to Part V. ................................ 34. ______________ PART V – Credit Calculation for Part-Year Residents 35. Enter the total amount of S corporation income (loss) that was reported as Iowa-source income on lines 1-25 of your IA 126, or in Column A of lines 1-8 of your IA 1041, Schedule C. This amount CANNOT exceed the amount entered on line 17 of this IA 134... ................................................................... 35. ______________ 36. From the total entered on line 35, enter the portion of that S corporation income (loss) that was reported as earned while an Iowa resident on your IA 126 or your IA 1041, Schedule C. .................................................. 36. ______________ 37. Divide line 36 by line 17. Enter the result as a percentage rounded to 4 decimal places. If less than zero, enter 0.00%. If 1 or greater, enter 100.00% ............. 37. _____________% 38. Multiply line 34 by line 37, if zero or less, enter zero. If you were a part-year resident, enter this amount in column D on Part I of the IA 148 Tax Credits Schedule. .......................................................................... 38. ______________ IA 148 Tax Credits Schedule must be completed 41-134b (10/07/2020) 2020 IA 134, page 3 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 11 of the federal 1040; or line 9 of the federal 1041 ................................................................................................................. 2. __________ 3. Divide line 1 by line 2. Enter the result as a percentage rounded to 4 decimal places (not to exceed 100%) ........................................................................................ 3. ________ % 4. Federal income tax before credits from line 16 of the federal 1040; or line 1a of federal 1041 Schedule G ............................................................................................. 4. __________ 5. Federal alternative minimum tax from line 1, 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. __________ 41-134c (10/05/2020) 2020 IA 134 Instructions, page 1 Iowa resident shareholders of S corporations, estates, and trusts with a situs in Iowa may be eligible for an S Corporation Apportionment Tax Credit if the S corporation carries on business within and without Iowa. A shareholder who has elected to apportion income by claiming the S Corporation Apportionment Tax Credit and then elects not to apportion income cannot re-elect to apportion income for three tax years immediately following the first tax year in which the shareholder elected not to apportion income, unless the Director of the Iowa Department of Revenue consents to the election. If a taxpayer claims the S Corporation Apportionment Tax Credit, the taxpayer may not take an Out-of-State Tax Credit against Iowa income tax for income taxes paid to another state, local jurisdiction, or foreign country on the S corporation income. Line 24: Cash or property distributions from income not previously taxed by Iowa Distributions from income not previously taxed by Iowa include the amount of all cash distributions and the fair market value of all property distributions made during the year. Do not include the following: a. Distributions not subject to Iowa tax. Example: interest from federal securities or certain securities issued by Iowa. b. Distributions from income previously taxed by Iowa for a year in which the S corporation was a C corporation and which is taxed as a dividend or capital gain for federal income tax purposes. c. Distributions from income previously taxed by Iowa for a year prior to the first tax year the resident shareholder elected to apportion income. For married taxpayers filing separately (filing status 3 or 4), each spouse must calculate a separate credit on a separate IA 134. d. Distributions paid from income for which the corporation can show that Iowa tax has been previously paid. If a taxpayer is a shareholder in multiple S corporations, a separate IA 134 must be completed for each S corporation. Line 31: If the percentage is less than zero, enter 0.00%. If the percentage is 1 or greater, enter 100.00%. Otherwise, round the percentage to the nearest four decimal places, i.e. four digits to the right of the decimal place. If the fifth digit to the right of the decimal place is 1-4, round down (e.g. 10.46784% becomes 10.4678%). If the fifth digit to the right of the decimal place is 5-9, round up (e.g. 10.46785% becomes 10.4679%). Each S Corporation Apportionment Tax Credit must be reported on a separate line of Part I on the IA 148 Tax Credits Schedule. Include the S corporation name in column M and the FEIN in column N of Part IV on the IA 148. Line 13: Other Deductions Do not include amounts paid by the corporation that would be allowed as itemized deductions on a shareholder’s return if they were paid directly by a shareholder for the same purpose. Line 20: Business Activity Ratio (BAR) Report the BAR provided to shareholders on the IA 1120S Schedule K-1. The S Corporation must complete the IA 1120S in order for shareholders to make a claim to this tax credit. Line 34: S Corporation Apportionment Tax Credit—Full-Year Resident If you are a full-year resident, enter in column D of Part I on the IA 148 Tax Credits Schedule; use tax credit code 11 in 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. Part-year residents must also complete lines 35-38 before claiming the credit. 41-134c (10/07/2020) 2020 IA 134 Instructions, page 2 Line 35: Your S corporation income (loss) reported on lines 1-25 of your IA 126, or Column A of lines 1-8 of your IA 1041, Schedule C, will include the total amount earned while you were an Iowa resident, and the portion attributable to Iowa earned while you were a nonresident. Report both amounts on this line. Line 36: From the total amount reported on line 35, enter the total amount earned while you were an Iowa resident. Do not include the portion attributable to Iowa earned while you were a nonresident. Line 38: S Corporation Apportionment Tax Credit—Part-Year Resident If you are a part-year resident, enter in column D of Part I on the IA 148 Tax Credits Schedule; use tax credit code 11 in 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. Include this form and the IA 148 with your IA 1040 or IA 1041. 41-134d (10/07/2020)
Extracted from PDF file 2020-iowa-form-ia-134.pdf, last modified October 2020

More about the Iowa Form IA 134 Corporate Income Tax Tax Credit TY 2020

We last updated the S Corporation Apportionment Credit 41-134 in April 2021, so this is the latest version of Form IA 134, fully updated for tax year 2020. 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.

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 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 1120ES Corporate Estimate Tax Payment Voucher

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 April 2021.

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 nine 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:


2020 Form IA 134

IA 134 S Corporation Apportionment Tax Credit, 41-134

2019 Form IA 134

IA 134 S Corporation Apportionment Tax Credit, 41-134

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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