Report the income or loss from federal Schedule E. Any modifications to federal partnership income and / or S corporation income should be shown on IA 1040 line 14 or line 24. Include a copy of federal Schedule E.
The IA 4562A&B (pdf) may need to be completed if the taxpayer claimed or received federal depreciation or section 179 deductions. Section 179 deductions in excess of the Iowa limitation received from one or more pass-through entities may be eligible for a special election. See IA 4562A&B.
Iowa has not conformed to most recent federal tax changes related to items reported on this line. Nonconformity adjustments are reported on IA 1040, line 14.
Married Separate Filers:
Divide income or loss from Schedule E based upon ownership of the asset-producing income or partnership interest or individual named as beneficiary.