Rents, Royalties, Partnerships, Estates, Etc.
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. Report modifications that increased the income on line 14. Report modifications that decreased the income on line 24. Include a copy of federal Schedule E.
The IA 4562A&B may need to be completed if the taxpayer claimed or received federal depreciation or section 179 deductions.
Taxpayers who had to make adjustments for Iowa’s nonconformity to federal law in 2018 or 2019 may need to complete form IA 101 in 2020 and later years. See the IA 101 Nonconformity Adjustments form for more information.
The Iowa Department of Revenue may require proof of any item listed on a return or schedule.
For tax year 2020 and later, Iowa is not conformed to the business interest expense limitation in IRC section 163(j). See the IA 163 for more information.
Married Separate Filers:
Divide income or loss from Schedule E based upon ownership of the assets or business interest producing the income or loss, or the individual named as beneficiary.