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Business Income / (Loss)

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Step 5
Step Subject: 
Gross Income

Report the net business income or loss from federal Schedule C or C-EZ. Include a copy of the federal form.

The IA 4562A&B (pdf) may need to be completed if the taxpayer claimed the bonus depreciation/section 179 deduction on the federal return. 

If one spouse has a loss, the couple may want to determine if filing status 2 is to their advantage.

Schedule C filers may need an Iowa Sales Tax Permit.  Businesses selling taxable products or performing taxable services must have a permit to properly collect and remit sales tax .  For more information, review this online training presentation: Sales Tax Permit

Military Spouses

See Military Spouses Residency Relief Act


Married Separate Filers:

Reported by the spouse deriving the income or loss.

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