41-016: IA 1065 Partnership Return 41-016 (2024)
Iowa · Iowa DOR · Used for tax years 2024
The 2024 IA 1065 is Iowa’s Partnership Return of Income. It reports partnership information, income, deductions, Iowa adjustments, and distributive items from all sources and Iowa sources.
When it's due
For tax year 2024, a pass-through entity tax (PTET) election must be made by the date that is six months after the return’s original due date. The election is irrevocable.
The form does not state the original filing due date.
What you'll need
- A complete copy of your federal return, excluding federal K-1s, must be filed with this return. The Iowa form uses amounts from federal Form 1065 and federal Schedule K.
- Gather the partnership’s FEIN, address, partner counts, principal activity, NAICS code, and pass-through representative information requested on the form.
- Complete Schedule E, Business Activity Ratio, which the form marks as required.
Include these additional documents when applicable:
- Amended return: IA 102.
- Income from disregarded entities: Schedule DE.
- Nonbusiness income: Schedule D.
- Composite and PTET credits: Schedule CC.
- Audit election to pay on behalf of partners: IA 103.
- Underpayment of estimated tax penalty related to net Iowa PTET: IA 2220.
- Other payments on Schedule C: A supporting statement.
How to file
You may e-file or mail the return. The form warns that you may be required to file electronically.
For mail filing, send the return to:
Income Tax Return Processing
Iowa Department of Revenue
PO Box 9187
Des Moines IA 50306-9187
Sign by hand or use a digital signature with a digital certificate. Stamped or typed signatures are not accepted. Include a complete copy of the federal return, excluding federal K-1s.
Do not email your return. Schedules are available at revenue.iowa.gov.
Common mistakes
- Using a typed or stamped signature. The return requires a handwritten signature or a digital signature with a digital certificate.
- Leaving out the federal return. A complete copy must accompany the Iowa return, excluding federal K-1s.
- Skipping Schedule E. The form says the Business Activity Ratio schedule must be completed.
- Completing Part 5 without a PTET election. Check the election box and complete Part 5 only if the partnership has elected, or is electing, PTET for the tax year. The election is irrevocable.
- Assuming no tax due means no late filing penalty. The form warns that a late filing penalty may apply even if no tax is due.
- Emailing the return. The form specifically says not to email it.
Questions people ask
Do I need to include federal K-1s?
No. The form requires a complete copy of the federal return but excludes federal K-1s from that requirement.
Can the partnership change its PTET election?
The form states that the PTET election is irrevocable.
How do I report an amended return?
Check the “Amended Return” box and include IA 102.
Can I apply an overpayment to the next period?
Yes. Line 43 is for the portion of the overpayment to apply to the next period’s return. Line 44 is for the remaining amount to be refunded.
Where can I ask questions?
Call 515-281-3114 or 800-367-3388, or email idr@iowa.gov. Do not email your return.