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This version of the form is not currently in use and is provided for reference only. Download this version of
Form IA1120S (42-008) Schedule K-1
for the current year.
Form IA1120S (42-008) Schedule K-1 Iowa Special Assessment Property Tax Credit - Iowa
What Is Form IA1120S (42-008) Schedule K-1?
This is a legal form that was released by the Iowa Department of Revenue - a government authority operating within Iowa.The document is a supplement to Form IA1120S, Iowa Income Tax Return for S Corporation. Check the official instructions before completing and submitting the form.
FAQ
Q: What is Form IA1120S?
A: Form IA1120S is a tax form used by S corporations in Iowa.
Q: What is Schedule K-1?
A: Schedule K-1 is a supplemental form attached to Form IA1120S that reports the shareholders' share of income, deductions, and credits.
Q: What is the Iowa Special Assessment Property Tax Credit?
A: The Iowa Special Assessment Property Tax Credit is a credit available to Iowa residents who own property subject to special assessments.
Q: Who is eligible for the Iowa Special Assessment Property Tax Credit?
A: Iowa residents who own property subject to special assessments may be eligible for the tax credit.
Q: How do I claim the Iowa Special Assessment Property Tax Credit?
A: To claim the credit, you must complete Schedule K-1 of Form IA1120S and report the credit on your Iowa tax return.
Q: Is the Iowa Special Assessment Property Tax Credit refundable?
A: No, the credit is nonrefundable.
Q: Are there any income limitations to qualify for the Iowa Special Assessment Property Tax Credit?
A: No, there are no income limitations to qualify for the credit.
Q: Can I claim the Iowa Special Assessment Property Tax Credit if I rent property in Iowa?
A: No, the credit is only available to property owners.
Q: What documentation do I need to support my claim for the Iowa Special Assessment Property Tax Credit?
A: You may be required to provide documentation, such as a copy of your property tax statement, to support your claim for the credit.
Form Details:
- Released on September 2, 2021;
- The latest edition provided by the Iowa Department of Revenue;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form IA1120S (42-008) Schedule K-1 by clicking the link below or browse more documents and templates provided by the Iowa Department of Revenue.
