41-148: IA 148 Tax Credits Schedule 41-148 (2024)
Iowa · Iowa DOR · Used for tax years 2024
The 2024 IA 148 Iowa Tax Credits Schedule reports nonrefundable and refundable tax credits, including amounts received from pass-through entities. It tracks credits applied, expired amounts, and carryforwards, and includes a section for calculating required reductions to certain
Who files this form
The 2024 IA 148 is Iowa’s schedule for reporting nonrefundable and refundable tax credits, including credits received from a pass-through entity.
If you claim any credits listed in Part V, you must complete the applicable claim-reduction sections before completing Parts I, II, and III.
What you'll need
Have the following information ready, as applicable:
- Your name and Social Security number (SSN) or Federal Employer Identification Number (FEIN).
- Tax credit codes and certificate numbers, if applicable.
- Credit amounts carried forward from the prior year, earned this year, or received from a pass-through entity.
- Amounts applied this year, expired amounts, and amounts carried forward to future years.
- Schedule K-1 information for pass-through credits, including the entity’s legal name and FEIN. If reporting from a disregarded entity, its FEIN is also requested.
- Your tax liability figures for calculating any Part V claim reductions.
Common mistakes
- Completing the parts in the wrong order. The form cautions that you must complete Part V first if you claim any credits listed there.
- Applying too much nonrefundable credit. Part I, column F may not exceed total tax liability.
- Including prior-year carryforwards in Part V, section A. That section excludes carryforward amounts from Part I, column C.
- Reducing credits in the wrong order. Part V says to reduce the affected credits in the order listed in each section.
Questions people ask
How do I calculate the amount carried forward to future years?
In Part I, add the prior-year carryforward in column C to the current-year amount in column D to get column E. Then subtract the amount applied in column F and the expired amount in column G. Enter the result in column H.
Where do the credit totals go on my tax return?
Enter the Part I total on IA 1040, line 17; IA 1041, line 37; or IA 1120, Schedule C1, line 2. Enter the Part II total on IA 1040, line 26; IA 1041, line 43; or IA 1120, Schedule C1, line 3. Part III combines both totals for IA 1120F, line 13, or the miscellaneous line of the Iowa Insurance Premium Tax Return.
Where do I report pass-through entity information?
Use Part IV for information from Schedule K-1. Enter the related line number from Part I or Part II, the pass-through entity’s legal name and FEIN, and the disregarded entity’s FEIN if applicable.
What claim-reduction rates does Part V use?
For the 2024 schedule, section A reduces the amount subject to limitation by 10%. Section B uses 20% for tax credit code 58 and 10% for the other credits listed there. These percentages apply to column F, the amount subject to limitation, not automatically to the entire credit.