41-148: IA 148 Tax Credits Schedule 41-148 (2025)
Iowa · Iowa DOR · Used for tax years 2025
The 2025 IA 148 Iowa Tax Credits Schedule reports nonrefundable and refundable tax credits, including credits received from pass-through entities. It tracks credit amounts used, expired, or carried forward and calculates claim reductions for certain credits.
Who files this form
The 2025 IA 148 is used to report Iowa nonrefundable and refundable tax credits. It provides credit totals for the IA 1040 individual return, IA 1041 fiduciary return, IA 1120 corporation return, IA 1120F franchise return, and Iowa Insurance Premium Tax Return.
If you claim any credits listed in Part V, you must complete the applicable sections of Part V before completing Parts I, II, and III.
What you'll need
Have the following information available to complete the schedule:
- Your name and Social Security number (SSN) or Federal Employer Identification Number (FEIN).
- Each tax credit code and certificate number, if applicable.
- Current-year credit amounts earned or received from a pass-through entity.
- For nonrefundable credits, prior-year carryforwards, 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, the form also asks for that entity’s FEIN.
- Tax liability amounts needed to calculate any Part V claim reductions.
Common mistakes
- Completing the credit totals before checking Part V. The form cautions that if you claim any credits listed in Part V, you must complete Part V before Parts I, II, and III.
Questions people ask
How much of a nonrefundable credit can I apply this year?
Part I, column F, says the current-year amount applied may not exceed total tax liability.
How do I calculate the amount carried forward?
In Part I, add the prior-year carryforward in column C to the current-year amount in column D to get total available credits in 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 I enter the credit totals on my 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. For IA 1120F, enter the combined Part I and Part II totals on line 13. For the Iowa Insurance Premium Tax Return, enter that combined total on the miscellaneous line.
Does Part V use the same reduction rate for every credit?
No. Part V applies a 30% reduction to the claim amount subject to limitation for tax credit code 58, Research Activities Tax Credit. For the other credits listed in Part V, the rate is 15%. These rates apply to column F, the claim amount subject to limitation, not automatically to the entire credit.