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Fill a Valid Iowa Ia 1040C Template

The Iowa IA 1040C form is a tax return designed for partnerships, Subchapter S corporations, trusts, and limited liability companies to file on behalf of nonresident partners, shareholders, beneficiaries, or members. This composite return allows these entities to report income and tax obligations collectively for individuals who may not otherwise need to file separately. It is important to ensure that all required documentation is attached and that the form is submitted by the appropriate deadlines.

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Contents

The Iowa IA 1040C form serves as a composite individual income tax return designed specifically for partnerships, Subchapter S corporations, trusts, and limited liability companies. This form allows these entities to file on behalf of nonresident partners, shareholders, beneficiaries, or members who earn income from Iowa sources. Filing this return is crucial for those who do not meet the minimum income requirements to file individually. To ensure compliance, a copy of federal Schedule K-1 must accompany the IA 1040C, detailing each nonresident's income and modifications. The form guides users through several steps, including calculating exemption credits, deductions, and tax liabilities, ultimately determining any refund or amount owed. Understanding the specific requirements and deadlines, such as the due date of April 30 for calendar year filers, is vital for accurate and timely submission. Additionally, the form outlines penalties for late filing or underpayment, emphasizing the importance of thorough preparation and adherence to Iowa tax regulations.

Iowa Ia 1040C Preview

2009 IA 1040C

Composite Individual Income Tax Return

Partnerships, Subchapter S Corporations, Trusts, and Limited

Liability Companies for filing on behalf of Nonresident Partners,

Shareholders, Beneficiaries, or Members

For Calendar Year 2009

MAIL TO:

or fiscal year beginning

, 2009, and ending

, 20

COMPOSITE RETURN PROCESSING

PLEASE NOTE: A copy of federal Schedule K-1 for ALL Iowa nonresidents

DEPARTMENT OF REVENUE

PO BOX 10469

must be attached to this return, regardless of whether or not they are reporting

DES MOINES IA 50306-0469

income or remitting tax with this form.

STEP 1 Complete Company Name

FEIN

Name

and Current Mailing Address (number, street, apartment number, suite)Check One Only

Address

Post Office Box		This return is for:
Post Office Box
			Partners

City, State, and ZIP Code			Shareholders
			Beneficiaries


Name of Contact Person	Daytime Telephone Number
Name of Contact Person	Daytime Telephone Number
			Members

STEP 2

Figure Your

Exemption

Credits

Enter the number of individuals whose Iowa-source income exceeds the
minimum amount required to be included in this return. See instructions	_____ X $40 = _________

STEP 3	1. Enter the total Iowa-source income of all individuals whose Iowa-source income
Composite	exceeds the minimum amount required to be included in this return	1 .	______________ . 00

Income

STEP 4

Figure Your Deduc- tions

STEP 5

Figure Your Tax

STEP 6

Figure

Your

Credits

STEP 7

Figure Your Refund or the Amount You Owe

2.	Deduction in lieu of federal tax deduction. See instructions	2 .	_________________ .00
3.	Standard deduction. See instructions	3 .	_________________ .00
4.	Total deductions. ADD lines 2 and 3			4 .	_______________	.00
5.	Composite taxable income. SUBTRACT line 4 from line 1			5 .	_______________	.00

6.	Computed tax. Apply line 5 to rate schedule on back	6 .	_________________ .00
7.	Minimum tax. See instructions	7 .	_________________ .00
8.	Total tax. ADD lines 6 and 7. ................................................................................................................................. 8 .				_______________	.00

9.	Personal exemption credits - Nonrefundable. See Step 2 above	9 .	_________________ .00
10.	Other nonrefundable credits. Attach IA 148 Tax Credits Schedule	10 . _________________ .00
11.	Total nonrefundable credits. ADD lines 9 and 10			1 1 .	_______________	.00
12.	Balance. SUBTRACT line 11 from line 8. If less than zero, enter zero			12 .	_______________	.00
13.	Estimated payments for 2009 and/or prior-year credit carryover	13 . _________________ .00
14.	Other refundable credits. Attach IA 148 Tax Credits Schedule	14 . _________________ .00
15.	Total credits. ADD lines 13 and 14			1 5 .	_______________	.00

16.	If line 15 is more than line 12, SUBTRACT line 12 from line 15. This is the amount you OVERPAID. ...			16 .	_______________	.00
17.	Amount of line 16 to be REFUNDED to you			17 .	_______________ .00
18.	Amount of line 16 to be applied to your 2010 estimated tax	18 . _________________ .00
19.	If line 15 is less than line 12, SUBTRACT line 15 from line 12. This is the AMOUNT OF TAX YOU OWE			19 .	_______________	.00
20.	Penalty. See instructions			20 .	_______________	.00
21.	Interest. See instructions			21 .	_______________	.00
22.	TOTAL AMOUNT DUE. ADD lines 19, 20, and 21, and enter here			22 .	_______________ .00
	Make your check payable to TREASURER, STATE OF IOWA

SIGN AND DATE YOUR RETURN

FOR A CALENDAR YEAR FILER, THIS RETURN IS DUE BY April 30, 2010

I (We), the undersigned, declare under penalty of perjury that I (we) have examined this return and attachments, and, to the best of my (our) knowledge and belief, it is a true, correct, and complete return. Declaration of preparer (other than taxpayer) is based on all information of which the preparer has any knowledge.

Signature of Officer: ________________________________________ Date: ________

Title: ____________________________________________________________________

Daytime Telephone Number: _______________________________________________

Preparer’s Signature: _____________________________________ Date: __________

Preparer’s ID No.: _______________________________________________________

Firm Name: _____________________________________________________________

Preparer’s Address: _______________________________________________________

41-006a (07/31/09)

Instructions for Composite Iowa Individual Income Tax Return

Election of Composite Filing

Composite returns for the 2009 calendar year must be filed by April 30, 2010. An automatic 6-month extension for filing is available only if 90% of the tax due is paid by the original due date. The Department must be notified in writing before a taxpayer chooses to discontinue filing composite returns.

Filing Requirements

Nonresident partners, shareholders, members, or beneficiaries cannot be included in a composite return if the nonresident does not have more income from Iowa sources than the amount of one standard deduction for a single taxpayer plus an amount of income necessary to create a tax liability at the effective tax rate on the composite return sufficient to offset one personal exemption. See minimum filing requirements below under line 6.

In addition, the above individuals should not be included if they have incomes from Iowa sources other than from the partnership or other entity; these individuals are required to file Iowa individual income tax returns.

Line Instructions

1.Each nonresident partner’s, shareholder’s, or member’s Iowa K-1 will show that partner’s, shareholder’s, or member’s income and nonresident modifications that are apportioned to Iowa. The apportioned amount of each item of Iowa K-1 income that is a part of federal adjusted gross income and the apportioned modifications of all nonresident partners, all nonresident shareholders, and/or all members included in this composite return are to be totaled and entered on this line. Nonresidents with other Iowa-source incomes are not to be included on the

IA 1040C.

Beneficiaries of a trust do not have an Iowa K-1, only a federal K-1. Consequently, when nonresident beneficiaries are included in the filing of a composite return with Iowa, they must total all income and/or capital gain from real property or tangible personal property located in Iowa and any other business income attributable to Iowa and enter on this line.

2.A deduction is allowed in lieu of the deduction for federal tax paid and is based upon the following schedule:

Amount shown on line 1				Deduction
0	-	$49,999 =		No deduction
$50,000	-	$99,999	=	5% of line 1
$100,000	-	$199,999	=	10% of line 1
Over		$200,000	=	15% of line 1

3.For 2009 the standard deduction allowed is the lesser of $1,780 or the income attributable to Iowa of the partner, shareholder, or member filing this composite return.

		TAX RATE SCHEDULE
		But					Of Excess
Minimum	Over	Not Over			Tax Rate		Over
Income	$0	$1,407	$0.00	+	(0.36%	x	$0)
Filing	$1,407	$2,814	$5.07	+	(0.72%	x	$1,407)
Requirement	$2,814	$5,628	$15.20	+	(2.43%	x	$2,814)
$2,669	$5,628	$12,663	$83.58	+	(4.50%	x	$5,628)
$2,434	$12,663	$21,105	$400.16	+	(6.12%	x	$12,663)
$2,397	$21,105	$28,140	$916.81	+	(6.48%	x	$21,105)
$2,368	$28,140	$42,210	$1,372.68	+	(6.80%	x	$28,140)
$2,285	$42,210	$63,315	$2,329.44	+	(7.92%	x	$42,210)
$2,225	$63,315	over	$4,000.96	+	(8.98%	x	$63,315)

6.Use the tax rate schedule above to figure your tax on composite Iowa taxable income. Also listed are the minimum requirements for each tax rate.

7.Partners, shareholders, or members reporting income on the composite return may also be subject to Iowa minimum tax. The Iowa alternative minimum tax is imposed on most of the same tax preference and adjustment items treated as exclusions as for federal alternative minimum tax purposes. Please see form IA 6251 to determine if any Iowa minimum tax is due, and attach completed form if necessary.

9.Personal exemption credits for 2009 for each partner, shareholder or member is $40.

10.Enter the total of the nonrefundable credits from the IA 148 Tax Credits Schedule. The IA 148 Tax Credits Schedule must be attached.

13.Enter the total amount of 2009 estimated tax payments and any of the prior year’s refund applied to your estimated payments for 2009.

Although estimated payments are not required, 2010 estimated payments may be made on form IA 1040ES using the partnership’s, limited liability company’s, S corporation’s, or trust’s identification number.

14.Enter the total of the refundable credits from the IA 148 Tax Credits Schedule. Attach the IA 148 Tax Credits Schedule.

20.If you do not mail your return by the due date and at least 90% of the correct tax is not paid, you owe an additional 10% of the tax due. If you file your return on time but do not pay at least 90% of the correct tax due, you owe an additional 5% of the tax due.

21.Interest is added at a rate of 0.4% per month beginning on the due date of the return and accrues each month until payment is made.

Preparer’s ID Number

Enter preparer’s SSN, FEIN, or PTIN.

41-006b (10/13/09)

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Document Attributes

Fact Name	Details
Purpose of the Form	The IA 1040C form is used for filing a composite individual income tax return on behalf of nonresident partners, shareholders, beneficiaries, or members of partnerships, S corporations, trusts, and limited liability companies.
Filing Deadline	For the 2009 tax year, the composite return must be filed by April 30, 2010. An automatic six-month extension is available if 90% of the tax due is paid by the original due date.
Required Attachments	A copy of federal Schedule K-1 for all Iowa nonresidents must be attached to the return, regardless of whether they are reporting income or remitting tax.
Minimum Income Requirement	Nonresident partners, shareholders, or members cannot be included in a composite return unless their Iowa-source income exceeds the amount of one standard deduction plus an amount necessary to create a tax liability sufficient to offset one personal exemption.
Governing Law	The IA 1040C form is governed by Iowa Code Section 422, which outlines the regulations surrounding individual income tax returns in Iowa.

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