Add lines 5 and 6.
Taxpayers who have had a distressed sale in 2022 and have included the gain in net income may be eligible to limit their tax to their net worth immediately prior to the distressed sale. If you qualify, limit the amount on line 42 to your net worth before the distressed sale and include an Iowa Income Tax Balance Sheet / Statement of Net Worth (form IA 6251B).
Iowa’s alternative minimum tax has been repealed. The alternative minimum tax credit carried forward from a previous year may be applied to this return, repealed on January 1, 2024 and cannot be carried forward to a future tax year.