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Iowa Free Printable IA 4562A and IA 4562B Iowa Depreciation Adjustment schedule for 2020 Iowa Iowa Depreciation Accumulated Adjustment Schedule

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Iowa Depreciation Accumulated Adjustment Schedule
IA 4562A and IA 4562B Iowa Depreciation Adjustment schedule

2019 IA 4562A Iowa Depreciation Adjustment Schedule https://tax.iowa.gov Name(s): ________________________________________________________________________________ SSN or FEIN: ________________________________ Pass-Through Entity (if applicable): ___________________________________________________________ Pass-Through FEIN: ___________________________ Part I - Computation of Iowa depreciation adjustment. See instructions before completing. A. Description of Property B. Date Placed in Service C. Life of Asset D. Cost or Other Basis E. Federal 179 F. Federal Expense Depreciation Deduction G. Accumulated Federal Depreciation H. Iowa 179 Expense I. MACRS Iowa Depreciation Deduction J. Accumulated Iowa Depreciation Total amounts in columns E, F, H (see instructions), and I Part II - Disposition adjustments If you have disposed of property and an Iowa depreciation adjustment was applied to this property, continue with Part II; otherwise, skip to Part III. A. Description of Property Sold or Disposed B. Date Placed in Service MM/DD/YY C. Date Sold or Disposed MM/DD/YY D. Total Iowa Depreciation E. Total Federal + Sec. 179 Expense + Depreciation + Sec. Like-Kind Adjustment 179 Expense Taken Taken F. Adjustment (subtract column E from column D) Total amounts in column F Part III - Summary of adjustments to net income 1. Enter the sum of amounts from Part I, columns E and F ................................ 1. 2. Enter the sum of amounts from Part I, columns H and I ................................. 2. 3. Adjustment to depreciation. Subtract line 2 from line 1 .................................. 3. 4. Enter the amount from Part II, column F ......................................................... 4. 5. Add lines 3 and 4. This amount must be reported on your tax return. See table in Part III of the instructions for specific form and line references... 5. Include this form with your Iowa tax return. 41-105a (03/16/20) IA 4562A Iowa Depreciation Adjustment Schedule, page 2 Name(s): __________________________________________________________________ SSN or FEIN: ________________________________ Part IV – Section 179 pass-through recipient special election and deductions. See instructions. 1. Section 179 expense allocated from Partnerships, S Corporations, and Limited Liability Companies. a. Enter the section 179 expense amount shown on all IA 1065 Schedule K-1s line 12, column (a). ...... a. ________ b. Enter any section 179 expense amount(s) shown on all federal form 1065 Schedule K-1s line 12, from entities that did not provide an IA 1065 Schedule K-1. ................................................................ b. ________ c. Enter the section 179 expense amount shown on all IA 1120S Schedule K-1s line 11, column (a). ... c. ________ d. Enter any section 179 expense amount(s) shown on all federal form 1120S Schedule K-1s, line 11 from entities that did not provide an IA 1120S Schedule K-1. ..................................................... ........ d. ________ Total sum of a, b, c, and d. If more than $1,020,000, enter $1,020,000. ........................................................................1. ____________ Is the amount on Part IV, line 1 less than $100,000 (Iowa section 179 expense limitation for tax year 2019)? If YES, STOP completing Part IV. You are not eligible for the special election. Complete the IA 4562A as instructed in Part I. If NO, you are eligible for the special election deduction. Enter $100,000 in a separate row of the IA 4562A, Part I, column H, write “Part IV” in Part I column A, and enter the amount shown on Part IV, line 1 above in Part I Column E. Continue completing Part IV. If you choose not to make the special election, see instructions. 2. Limitation ...................................................................................................................................................................... 2.___$100,000 3. Subtract line 2 from line 1. Enter the result here. ......................................................................................................... 3. _____________ 4. Special election deduction. Multiply line 3 by 0.20. Enter the result for each year listed below. a. 2020: ______________ b. 2021: ___________ c. 2022: ____________ d. 2023: ___________ e. 2024: ___________ See IA 4562B, Part II below to determine your special election deduction amount for 2019 and future years. Include this form with your Iowa tax return. 41-105b (07/23/19) 2019 IA 4562B Iowa Accumulated Depreciation Adjustment Schedule https://tax.iowa.gov Name(s):______________________________________________________________ SSN/FEIN: ___________________________ Part I – Accumulated Depreciation Adjustments: Note: Use this form to record the cumulative effect of depreciation adjustments computed on form IA 4562A. Tax Period Ending Date IA 4562A Adjustment Amount from Part III, Line 5 Instructions to 4562B Part I Balance Tax Period Ending Date: Start with the tax period that you first made an adjustment for depreciation or section 179 expensing on the Iowa return. Continue entering each subsequent tax period up to, and including, the current period. IA 4562A Adjustment: Enter the amount added/deducted on the Iowa return for each tax period. This should be the amount entered in Part III, line 5 of the IA 4562A. Enter negative numbers in parenthesis. Place an asterisk (*) after the tax period if the IA 4562A adjustment was changed from the amount originally claimed. You must provide copies of the prior tax periods’ IA 4562As if requested by the Department. Failure to provide copies of the prior tax periods’ IA 4562As will delay the processing of your return or cause the denial of your adjustment. Do not send copies of the asset listings that are required with the IA 4562A. Balance: The balance amount for the first tax period should be the same as the amount of the adjustment. For each subsequent tax period, the balance amount should be changed by the amount of that tax period’s IA 4562A adjustment. Include this form with your Iowa tax return. 41-105c (07/23/19) 2019 IA 4562B Iowa Accumulated Depreciation Adjustment Schedule https://tax.iowa.gov Part II - Special election deduction and instructions: Enter the amounts shown on your 2018 IA 4562A Part IV, lines 4a-4e in the appropriate boxes in the row labeled “2018 special election deduction”. The amount you enter in each box in this row should be the same. If you did not make the special election in 2018, each box should show 0. The amount entered in column f (2024) for this line must be 0. Enter the amounts shown on your 2019 IA 4562A Part IV, lines 4a-4e in the appropriate boxes in the row labeled “2019 special election deduction”. The amount you enter in each box in this row should be the same. If you did not make the special election in 2019, each box should show 0. The amount entered in column a (2019) for this line must be 0. Add the 2018 and 2019 amounts for each column and enter the result in the “Total” box for that column. This row shows the total special election deduction amount you may claim for each tax year. Enter this amount on IA 4562A Part I, column H, in the applicable tax year. In column A for that row write “Special Election”, in column B write the beginning or ending date of your 2019 tax year, leave columns C through G for that row blank, and then follow all IA 4562A instructions, including the worksheet for column H on page 2. a. 2019 b. 2020 c. 2021 d. 2022 2018 special election deduction 2019 special election deduction e. 2023 f. 2024 0 0 Total Example: XYZ, an eligible taxpayer, computed an excess section 179 expense of $100,000 for tax year 2018 on 2018 IA 4562A, Part IV, line 3. XYZ properly claimed the special election deduction, so XYZ must enter $20,000 ($100,000 x .20) in columns a through e of the first row (2018 special election deduction) of the table above. For tax year 2019, XYZ computed an excess section 179 expense of $250,000 on 2019 IA 4562A, Part IV, line 3. XYZ properly claimed the special election deduction, so XYZ must enter $50,000 ($250,000 x .20) in columns b through f of the second row (2019 special election deduction) of the table above. To compute the special election deduction allowable in 2019 XYZ will enter the total shown for column a ($20,000) of the table above on the 2019 IA 4562A Part I, column H, writing “Special Election” in column A for that row, writing the beginning or ending date of XYZ’s 2019 tax year in column B, and leaving columns C through G for that row blank. For tax year 2020 XYZ’s special election deduction will be the total for column b ($70,000) of the table above. Include this form with your Iowa tax return. 41-105d (07/16/19) 2019 IA 4562A Instructions, page 1 2019 IA 4562A Instructions This form must be completed if taxpayer: • Claimed bonus depreciation during the tax year on federal form 4562, Depreciation and Amortization; federal form 2106, Employee Business Expenses; Schedule C, Profit or Loss from Business; Schedule F, Profit or Loss from Farming, or any other federal form where depreciation was deducted. • Claimed depreciation during the tax year on property and Iowa depreciation adjustments were made to that same property in previous tax years. Note: See detailed online instructions for complete list of years in which depreciation adjustments were required. As of the time of publication, Iowa did not conform with Public Law 116-94 for tax year 2019. This Act included several changes to federal depreciation schedules which may require adjustments on this form. See tax.iowa.gov for guidance on the effects of nonconformity for tax year 2019. • Disposed of property during the tax year, and Iowa depreciation adjustments were made to the property in previous tax years. • Claimed the federal section 179 expense in excess of $25,000 for tax years beginning on or after January 1, 2003, but beginning before January 1, 2006, and the taxpayer chose to claim no more than $25,000 for Iowa tax purposes. • Claimed the federal section 179 expense in excess of $133,000 for tax years beginning on or after January 1, 2009, but before January 1, 2010. • Claimed 5-year depreciation on certain new farming machinery and equipment purchased in 2009. • Placed property used in a farming business in service after December 31, 2017, and before January 1, 2019, and used the 200% declining balance method for federal purposes. Taxpayers are required to use the 150% declining balance method on such property for Iowa purposes. • Claimed the federal section 179 expense in excess of $25,000 for tax years beginning on or after January 1, 2016, but before January 1, 2018. • Claimed the federal section 179 expense in excess of $70,000 for tax years beginning on or after January 1, 2018, but before January 1, 2019. • Claimed the federal section 179 expense in excess of $100,000 for tax years beginning on or after January 1, 2019, but before January 1, 2020. • Claimed a like-kind exchange of personal property in tax years 2018 or 2019 for Iowa tax purposes on IA 8824 which resulted in a different basis for Iowa and federal tax purposes in the personal property received in the exchange. • Placed a passenger vehicle in service during tax year 2018 and claimed regular first-year federal depreciation in excess of $3,560 for trucks and vans, or $3,160 for other passenger vehicles. • Claimed federal cost recovery adjustments during tax year 2018 resulting from federal Tax Cuts and Jobs Act of 2017 sections 13202 (adjustments to computers as listed property), 13203 (modifications to treatment of certain farm property), 13204 (applicable recovery period for real property), or 13205 (use of alternative depreciation system for electing farm businesses). Part I If a taxpayer has a section 179 expensing allowance allocated from one or more partnerships, S-corporations, or limited liability companies electing to have the income taxed directly to individuals, complete Part IV before completing Part I. If a taxpayer made a special election on Part IV in a previous tax year, complete Part II of the 4562B before completing Part I of this 4562A. List each item of property falling within the parameters listed above. A separate schedule can be included listing all qualifying property. Grouping of assets by class is also permitted. For example, all 3year assets or all 5-year assets, etc., may be grouped together. If assets are grouped, the taxpayer is responsible to maintain all records necessary to support how each item was grouped. Compute the amount of federal depreciation using the federal depreciation method and the amount of Iowa depreciation using the MACRS method taking into account any required nonconformity adjustment. Column E: If you received an IA 1065 Schedule K-1, or IA 1120S Schedule K-1, enter the amount shown on line 12(a) of the 1065 or 41-105e (1/30/20) 2019 IA 4562A Instructions, page 2 line 11(a) on the 1120S in Column E for any section 179 expense received from that entity. For any 179 expensing not reported to you on an IA K-1 enter the amount of section 179 expense shown on your federal return. Column H: The Iowa section 179 expense amount entered in Column H is limited to your business income in the same manner that the section 179 deduction is limited for federal purposes. The following worksheet is provided to assist you in properly calculating your Iowa section 179 expense, applying the business income limitation, and calculating your carryover to future years, if any. Do not include this worksheet with your return, but keep it for your records. You are responsible for providing documentation of any carryover at the Department’s request. For more information on section 179 expensing, see Iowa administrative rules 701-40.65, 53.23, and 59.24. 1. Elected Iowa section 179 expense. If you are making a special election under IA 4562A, Part IV, enter $100,000. Otherwise, enter your total allowable Iowa section 179 expense from the assets listed in IA 4562A, Part I, Column A (excluding “section 179 carryover” or “special election” amounts), as adjusted for any Iowa nonconformity, including but not limited to the applicable lower Iowa dollar limitation ($100,000) and reduction limitation ($400,000). ......................................................................... ___________ 2. Iowa section 179 expense carryover from 2018. Enter your total Iowa section 179 expense carryover calculated on line 6 of the Column H worksheet in your 2018 IA 4562A instructions, if any. This amount may be different than any federal section 179 expense carryover you have because of Iowa nonconformity. ................................................. ___________ 3. Tentative Iowa section 179 expense deduction. Enter the lesser of the sum of lines 1 and 2, or the amount of your Iowa dollar limitation ($100,000) as reduced by your reduction limitation ($400,000). ......................... ___________ 4. Special election deduction for 2019. Enter the total amount from your 2019 IA 4562B Part II, column “a” here............................................ ____________ 5. Tentative Iowa section 179 expense and special election deduction. Add lines 3 and 4 and enter the result here. This is your tentative Iowa Section 179 expense and special election deduction. ......................................................... ____________ 6. Business income limitation. Enter your business income limitation from 2019 federal Form 4562, line 11. This business income amount should be adjusted by any items of Iowa nonconformity except an Iowa section 179 expense adjustment.......................................... ____________ 7. Allowable 2019 Iowa section 179 expense and special election deduction. Enter the smaller of the amount entered on line 5 or 6. This is your allowable 2019 Iowa section 179 expense and special election deduction. Carefully follow the instructions below for reconciling your column H total, then proceed to line 8. ................................................................ ____________ Reconciling this worksheet to your column H total: If your allowable deduction calculated on line 7 of this worksheet includes an Iowa section 179 carryforward amount from prior years (see line 2 of this worksheet), you may have a section 179 carryforward deduction to report in Column H. To calculate the reportable carryforward deduction, add the amounts entered on lines 1 and 4 of this worksheet, then subtract that sum from the amount on line 7 of this worksheet. If zero or less, you have no section 179 carryforward deduction to report this year. If greater than zero, report that amount on a separate row in column H, write “section 179 carryover” in column A of the corresponding row, write the beginning or ending date of your 2019 tax year in column B, and leave the remaining columns in that row blank. 41-105f (10/8/19) 2019 IA 4562A Instructions, page 4 If lines 6 and 7 of this worksheet are the same amount (in other words, you were subject to the business income limitation), reduce the amount in your column H total box to equal the amount on line 7 of this worksheet, even if the amount in that Column H total box ends up being less than the sum of the amounts shown in column H. Make sure the amount listed in your column H total box equals the amount on line 7 of this worksheet before you complete the IA 4562A, Part III. 8. Iowa section 179 expense carryover to 2020. Add lines 1, 2, and 4, then subtract that sum from the amount on line 7, and enter the result here. If zero or less, enter zero. This is your Iowa section 179 expense carryover amount to 2020 which may be used to complete this worksheet next year. .......................................................... ___________ Total the amount of the federal depreciation in columns E and F and the Iowa depreciation in columns H (the column H total may be less than the sum of the amounts shown in the column if the business income limitation applied) and I and enter on Part III of the form. The accumulated depreciation amount in columns G and J should include the total amounts of depreciation and section 179 expense for the life of the asset(s). Part II If you have not sold or disposed of property for which an Iowa depreciation adjustment was applied, you may skip Part II of this form. Dispositions of personal property given up in a qualifying Iowa like-kind exchange on IA 8824 should not be included in Part II of this form. For each item of property listed, determine the difference between federal depreciation and Iowa MACRS depreciation used in the computation of federal and Iowa taxable income in prior and current years. If you sold or disposed of property this year, and the Iowa depreciation adjustment was applied to the property in any prior years, or you reported a like-kind exchange for Iowa but not for federal purposes for the property in tax years 2017, 2018, or 2019, you must make the applicable depreciation catch-up adjustment to adjust the basis of the property for Iowa purposes. A separate schedule can be attached listing all qualifying sales or dispositions, and grouping of assets by class is also permitted as described in Part I. Total the amount in column F and enter on Part III of the form. If you dispose of any personal property for which you elected or were required to use like-kind exchange treatment for Iowa but not for federal purposes in tax years 2017, 2018, or 2019, include the amount of nonconformity adjustment attributable to the property disposed of from IA 8824, line 25, from the year of the like-kind exchange in the total Iowa depreciation and 179 expensing taken on the asset in Part II, column D. Negative amounts from the IA 8824, line 25, should be included here as a positive amount. Positive amounts from the IA 8824, line 25, should be included here as a negative amount. Part III Compute the net adjustment using Part I and Part II. Enter the amount from line 5 on the applicable Iowa form as noted below. Iowa Form: Enter positive amounts from Enter negative amounts line 5 on: from line 5 on: 1040 Other income, line 14 Other income, line 14 1041 Other income, line 8 Other income, line 8 1065 Part III, line 3 Part III, line 6 1120 Schedule A, depreciation adj., line 8 Schedule A, depreciation adj., line 8 1120S Part III, line 3 Part III, line 7 1120F Schedule A, line 5 Schedule D, line 7 Continue to form IA 4562B, Part I, Iowa Accumulated Depreciation Adjustment Schedule. 41-105h (1/30/20) 2019 IA 4562A Instructions, page 2 Part IV Part IV provides a special election for taxpayers who are allocated a section 179 expense for tax year 2019 from one or more partnerships, S-corporations, or limited liability companies that exceed the applicable limitation for the tax year. A taxpayer that is allocated a section 179 expense from a passthrough entity must adjust their basis in the property for Iowa purposes by the full amount of the section 179 expense passed through in the year the section 179 expense is received. This is true even if some of the expense will be recovered through the special election deductions in future tax years. The special election deduction calculated under this Part IV does not make a taxpayer’s Iowa basis different from their federal basis in any asset. An eligible taxpayer that elects to claim the special election provided in Part IV shall not claim an Iowa section 179 deduction for any assets placed in service by the taxpayer during tax year 2019. However, the taxpayer may depreciate such assets using the MACRS method without any bonus depreciation. Enter and track this depreciation on IA 4562A, Part I. An eligible taxpayer elects to claim the special election deduction for tax year 2019 by completing Part IV through line 4 and including the 2019 IA 4562A with your 2019 Iowa tax return. A proper election allows you to carryover the excess section 179 expense and deduct it in future tax periods, as provided on line 4 and on the IA 4562B, Part II. If you cannot, or do not make the special election, follow the Part I instructions for each asset for which you received a section 179 expense deduction. If you do not make the special election, any section 179 expensing amount received in tax year 2019 in excess of the applicable 2019 Iowa cap will be lost, and cannot be deducted or recovered through depreciation. Example: XYZ, an eligible taxpayer, computes an excess section 179 expense of $100,000 for tax year 2018 on line 3. If XYZ does not properly claim the special election by completing line 4 and including the 2018 IA 4562A with XYZ’s 2018 Iowa tax return, the entire $100,000 excess will be lost, and cannot be deducted or recovered through depreciation. If XYZ does properly claim the special election deduction, XYZ will be allowed a deduction from income of $20,000 ($100,000 x .20) for each of the next five tax years (2019, 2020, 2021, 2022, and 2023). These future deductions are in addition to XYZ’s allowable $70,000 deduction for tax year 2018. Special election deduction amounts in future tax years are limited to the taxpayer’s business income for that year, in the same manner as a federal section 179 deduction is limited for federal purposes. Any amount in excess of that business income may be added to, and treated in the same manner as, other Iowa section 179 deduction carryforwards. Keep a copy of Part IV for your records in order to fill out IA 4562B, Part II in future years. To calculate your actual special election deduction for 2019, if any, complete the 4562B, Part II. 41-105g (10/8/19)
Extracted from PDF file 2019-iowa-form-ia-4562b.pdf, last modified March 2020

More about the Iowa Form IA 4562B Corporate Income Tax TY 2019

We last updated the Iowa Depreciation Accumulated Adjustment Schedule in April 2020, so this is the latest version of Form IA 4562B, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form IA 4562B 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 1041 Instructions Fiduciary Tax Return Instructions 63-002
Form IA 1120 Iowa Corporation Income Tax Return
Form IA 148 Tax Credits Schedule 41-148
Form IA 1041 Fiduciary Return 63-001
Form IA 130 Out-of-State Tax Credit 41-130

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 4562B from the Department of Revenue in April 2020.

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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 4562B

We have a total of nine past-year versions of Form IA 4562B in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form IA 4562B

IA 4562A and IA 4562B Iowa Depreciation Adjustment schedule

2018 Form IA 4562B

IA 4562A and IA 4562B Iowa Depreciation Adjustment schedule

2017 Form IA 4562B

IA 4562 and IA 4562B Iowa Depreciation Adjustment schedule

2016 Form IA 4562B

IA 4562 and IA 4562B Iowa Depreciation Adjustment schedule

Iowa individual income tax 2015 Form IA 4562B

IA 4562B Iowa Depreciation Accumulated Adjustment Schedule, 41-106

Iowa Depreciation Accumulated Adjustment Schedule Prior Years 41-106 2014 Form IA 4562B

IA 4562B, Iowa Depreciation Accumulated Adjustment Schedule

Iowa individual income tax 2013 Form IA 4562B

Iowa Depreciation Accumulated Adjustment Schedule IA 4562B

Iowa individual income tax 2012 Form IA 4562B

Iowa Depreciation Accumulated Adjustment Schedule IA 4562B

Iowa individual income tax 2011 Form IA 4562B

Iowa Depreciation Accumulated Adjustment Schedule IA 4562B


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