43-001: IA 1120F Franchise Return for Financial Institutions 43-001 (2024)
Iowa · Iowa DOR · Used for tax years 2024
The 2024 IA 1120F is Iowa’s franchise tax return for financial institutions. It reports income, Iowa adjustments, credits, and payments to calculate franchise tax due or an overpayment.
Who files this form
The 2024 IA 1120F is Iowa’s franchise tax return for financial institutions. The form includes return types for 100% Iowa activity, not 100% Iowa activity, no Iowa banking locations, and inactive banks.
What you'll need
- A complete copy of your federal return, as filed with the Internal Revenue Service. This must be filed with the Iowa return.
- Your institution’s legal name, address, FEIN, NAICS code, tax period, and filing status. For a consolidated federal filing, the form also asks for the parent’s name and FEIN.
- Payment records for Schedule C, including estimated payments, credit from the prior period, and voucher payments. Include a statement for other payments.
Depending on the entries you report, the form also calls for:
- IA Franchise Schedule 59F figures for apportionment.
- IA 124 figures for an Iowa net operating loss carryforward.
- IA 4562A and IA 4562B for a depreciation adjustment.
- IA 148 for credits on line 13.
- Schedule CC for Composite and PTET Credits.
- IA 2220 for the estimated-tax underpayment penalty.
How to file
You may e-file or mail the return. The printed mailing address is:
Franchise Tax Processing
Iowa Department of Revenue
PO Box 10413
Des Moines IA 50306-0413
Include a complete copy of your federal return as filed with the IRS.
Paper-filed returns must be signed by hand or with a digital signature that has a digital certificate. Stamped or typed signatures are not accepted.
For an amount due on line 23, pay electronically or submit payment with the Iowa Tax Payment Voucher (96-048).
Common mistakes
- Leaving out the federal return. The form requires a complete copy of the federal return as filed with the IRS.
- Using a stamped or typed signature on a paper return. These are not accepted. Sign by hand or use a digital signature with a digital certificate.
- Reporting other payments on Schedule C without a statement. The form directs you to include one.
- Reporting a depreciation adjustment without submitting IA 4562A and IA 4562B. Schedule A directs you to submit both.
Questions people ask
What tax rate does the 2024 form use?
Line 12 calculates total tax by multiplying Iowa net income subject to franchise tax on line 11 by 4.4% (.044).
Can I apply an overpayment to the next period?
Yes. Line 25 provides a space for a credit to the next period’s estimated tax. Line 26 calculates the refund requested by subtracting line 25 from line 24.
Can I name someone to discuss the return with the Department?
Yes. The Third Party Disclosure Designee section lets you identify an individual to discuss the return with the Department. It asks for the person’s name, mailing address, phone number, and email, with an optional ID number.
How do I identify a short-period return?
Enter the tax period and check the short-period box on page 1. The Additional Information section on page 2 asks for the reason for the short period.