41-174: IA PTE-C Composite Return 41-174 (2024)
Iowa · Iowa DOR · Used for tax years 2024
The 2024 IA PTE-C is Iowa’s composite return for pass-through entities. It reports Iowa composite tax for included nonresident members, composite and pass-through entity tax (PTET) credits, payments, and any refund or amount due.
What you'll need
Have these records and details available to complete the 2024 return:
- The entity’s legal name, address, FEIN, entity type, and resident and nonresident member counts.
- Nonresident members’ names, addresses, tax identification numbers, ownership percentages, and Iowa-source income from Iowa K-1s for the IA PTE-C Nonresident Member Schedule.
- K-1s showing composite credits or PTET credits. Line 2 says to include IA Schedule CC.
- Amounts of composite credits or PTET credits claimed on IA 1120F, IA 1041, IA 1065, or IA 1120S.
- Records of any prior-period overpayment carryforward and estimated or voucher payments made for tax year 2024.
For an amended return, include IA 102.
How to file
Complete the return and the IA PTE-C Nonresident Member Schedule. Use additional schedule pages if necessary, and enter amounts in dollars and cents.
Have an authorized person or pass-through representative sign the return. Signatures must be handwritten or digital with a digital certificate. Stamped or typed signatures are not accepted.
Mail the return to:
Income Tax Return Processing
Iowa Department of Revenue
PO Box 9187
Des Moines IA 50306-9187
Common mistakes
- Do not use a stamped or typed signature. The form requires a handwritten signature or a digital signature with a digital certificate.
- Do not leave out IA 102 when filing an amended return.
- Remember to include IA Schedule CC for the composite credits or PTET credits reported on line 2.
- Do not enter a negative composite tax amount in Column I of the Nonresident Member Schedule. If the calculation is less than $0, enter $0.
- Enter amounts in dollars and cents, as directed on the form.
Questions people ask
How is each nonresident member’s composite tax calculated?
On the Nonresident Member Schedule, multiply Iowa-source income from the Iowa K-1 in Column G by the applicable Iowa tax rate in Column H. Enter the result in Column I. If it is less than $0, enter $0.
Can an overpayment be applied to next year’s return?
Yes. Line 9 lets you apply an amount from your overpayment on line 8 to the 2025 IA PTE-C return. Line 10 shows the amount to be refunded after subtracting line 9 from line 8.
What should I include with an amended return?
Check the amended return box and include IA 102. The form also has amended-return-only lines 7a and 7b for adjustments involving refunds and carryforwards.
Can I allow someone else to discuss this return with the Department?
Yes. The form has a Third Party Disclosure Designee section where you can identify an individual and provide their contact information.