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Screen IAFTA - Iowa Federal Tax Adjustment (1040)
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Overview
Use this screen to enter federal tax information for clients that filed Iowa returns, or received federal refunds from years that an Iowa return was filed. If UltraTax CS was used in for this Iowa client, data for this screen is proforma’d.
Federal Refund
Use this section to enter or force information regarding the federal refund(s) received in , the federal tax adjustment from the Iowa return, and/or credits received on the federal return. This information is used to complete the Federal Tax Adjustment Worksheet.
note
The refund from the prior year only appears on the Federal Tax Adjustment Worksheet if the following is true.
- The Low Income Exemption Worksheet is not printing; there needs to be income entered in the return that is greater than the low income exemption amount for the filing status entered.
- The refund received is more than the federal tax adjustment.
- A refund is received in for a prior year that an Iowa return was filed and the federal tax adjustment was less than the refund received for that year.
Exempt from including federal refund in income
Mark this field to suppress the calculation for including federal tax refund for amounts. If this checkbox is left blank, UltraTax CS calculates the federal tax refund using amounts. Examples of exceptions include, but are not limited to, the following:
- Taxpayer moved into Iowa and is filing an Iowa return for the very first time. A federal refund received in is not reported if the federal tax was not deducted from Iowa income in .
- The refund you received was from a year in which you did not take a deduction for the payment of federal tax. This is because your income was less than the minimum amount for paying Iowa tax or your tax for that year was calculated using the alternate tax computation.
- You were a nonresident for the tax year of the refund and were not required to file an Iowa return for that year.
- The refund received is more than the federal tax adjustment.
See the Iowa instructions for more situations and a more detailed description of when not to include the federal tax refund.
federal overpayment
Enter the total amount that was overpaid on the federal tax return. UltraTax CS automatically proformas the federal income tax overpayment from if this client was prepared in the previous year using UltraTax CS. This amount displays on the Iowa Federal Tax Adjustment Worksheet when applicable. (See the note in the Federal Refund section.)
federal earned income credit / … / refundable education credit
Enter credits received on the federal tax return. UltraTax CS automatically proformas the federal credits from if this client was prepared in the previous year using UltraTax CS. This amount displays on the Iowa Federal Tax Adjustment Worksheet when applicable. (See the note in the Federal Refund section.)
federal net premium credit
Enter the credit received on the federal tax return. UltraTax CS automatically proformas the federal credits from if this client was prepared in the previous year using UltraTax CS. This amount displays on the Iowa Federal Tax Adjustment Worksheet when applicable. (See the note in the Federal Refund section.) If necessary enter this amount in Screen IAAdj as other income.
federal tax adjustment
Enter the federal tax adjustment from the Iowa Form 1040. UltraTax CS automatically proformas the federal credits from if this client was prepared in the previous year using UltraTax CS.
Federal tax refunds received in
Only enter a refund received from a prior year return if a deduction for federal taxes paid was applicable to that year. Limit the amount entered to the amount that should go to the Federal Tax Adjustment Worksheet, Line Total of other federal refunds (from years prior to ).
Total federal income tax refund received in (Force)
UltraTax CS automatically calculates the federal income tax refund received based on the prior-year data that was proforma’d or entered on this screen. This amount is calculated on the Iowa Federal Tax Adjustment Worksheet. Use these
Force
fields to enter amounts different from the calculated amounts.Self Employment, Add'l Medicare, Household Employment Taxes
Use prior year SE, household employment, additional Medicare taxes, other paid
Mark this field to have UltraTax CS use the full amount of federal self-employment and household employment taxes paid in . UltraTax CS automatically calculates this amount based on proforma’d data. If this field is blank, the default behavior is to use the full amount of self-employment and household employment taxes based on the federal data entry. This field proformas from year to year.
Use prior year federal individual responsibility tax and advance premium tax credit repayment
Mark this field to use the prior year’s amount of the Individual Responsibility tax and the advance Premium Tax Credit repayment. This field is automatically marked if the option to defer the Individual Responsibility and the advance Premium Tax Credit repayment was marked in .
Use prior year federal early distribution taxes and homebuyer repayment
Mark this field to use the prior year Early Distribution tax and the Homebuyer Repayment. This checkbox proformas if this option was marked in the prior year.
federal self employment tax / additional Medicare, other, and unreported social security tax / federal household employment tax
self-employment, household employment taxes, and additional Medicare taxes paid are proforma’d to these fields. New client data can be entered in these fields. If married filing separately on a combined return, UltraTax CS allocates the household employment taxes equally, and self-employment taxes and additional Medicare taxes according to data entry. Use these fields to enter different amounts if desired.
additional tax on early distributions from qualified plans
UltraTax CS automatically proformas the federal additional tax payments from early distributions based on federal data from the Form 5329.
first-time homebuyer credit repayment
UltraTax CS automatically proformas the federal first-time homebuyer credit repayment from the prior year return. New client data can be entered in these fields. This amount is used on the Federal Tax Adjustment Worksheet.
advance premium tax credit repayment
UltraTax CS automatically proformas the federal advance premium tax credit repayment based on federal data from the Form 8962. New client data can be entered in these fields. This amount is used on the Iowa Federal Tax Adjustment Worksheet and for the current-year health insurance deduction.
healthcare individual responsibility tax
UltraTax CS proformas the federal individual responsibility tax payment from the prior year return. Clients who filed an Iowa return in the prior year using a different application can enter the amount of the prior-year federal individual responsibility tax in these fields. This amount is used on the Federal Tax Adjustment Worksheet.
SE, Additional Medicare, & household employment taxes paid (Force)
UltraTax CS automatically calculates self-employment, additional Medicare and household employment taxes based on the federal data entry. self-employment and household employment taxes paid are calculated based on proforma’d data. If married filing separately on a combined return, UltraTax CS allocates the household employment taxes equally, and self-employment and additional Medicare taxes according to data entry. Use these fields to enter different amounts if desired.
Federal Estimated Tax Payments
federal overpayment applied
UltraTax CS transfers the federal overpayment that was applied to the return from the federal Est Screen. New users can enter the amount of the total federal overpayment applied from the federal return on the federal Est Screen in the
overpayment applied
field. This amount is used on the Federal Tax Adjustment Worksheet. federal estimates paid in
UltraTax CS automatically calculates the federal income tax payments based on federal data entered in the federal Est Screen, 1041 estimates paid, and proforma’d estimates.
Iowa net income
UltraTax CS proformas the Iowa net income from the return. For clients that filed an Iowa return in using a different application, amounts can be entered in these fields from the Net Income line on the Iowa 1040 from the return (Step 5). Amounts entered here are used in the calculation of the Iowa Federal Tax Adjustment Worksheet.
net income not subject to withholding
UltraTax CS automatically proformas the net income not subject to withholding based on the amounts entered in that had withholding entered. Clients using a different application can calculate and enter amounts in these fields. These amounts are used to allocate estimates paid in for on the Iowa Federal Tax Adjustment Worksheet.
Federal estimated payments made in (Force)
UltraTax CS automatically proformas and calculates estimates paid in . Use these fields to enter amounts different from the calculated amounts, if desired. These amounts are used on the Iowa Federal Tax Adjustment Worksheet.
Additional Federal Taxes Paid
federal tax liability
UltraTax CS proformas the federal tax liability from the return. Clients who filed an Iowa return in using a different application, can enter the amount of the federal tax liability from the return. This amount is used on the Federal Tax Adjustment Worksheet.
total federal withholding / estimates
UltraTax CS automatically proformas federal payments made against tax based on the amounts shown on the prior-year federal Form 1040, Page 2, Tax withheld and Estimate payments lines. These amounts are used on the Iowa Federal Tax Adjustment Worksheet. Use these fields to enter different amounts if desired.
federal other refundable credits
UltraTax CS proformas the federal other refundable credits from the return. Clients who filed an Iowa return in using a different application, can enter the amount of the federal other refundable credits from the return, not including the refundable credits already specified in the Federal Refund section in this screen. This amount is used on the Federal Tax Adjustment Worksheet.
paid with federal return
UltraTax CS automatically proformas the federal income tax payments based on federal data from the return. New clients can enter data including penalties if the penalty fields are filled in below. If the penalties and interest fields are not used, do not include penalties and interest in this field.
penalties and interest included in amount paid with federal return
penalties and interest included in amount paid with federal return UltraTax CS automatically proformas the federal interest and penalties that were included in the
paid with federal return
field based on federal data from the return. New clients can enter data in these fields if the paid with federal return
field above included penalties and interest. If the paid with federal return
field above did not include penalties and interest, do not use these fields. paid with federal extension Form 4868 / 2350
UltraTax CS automatically proformas the federal extension payments made based on the amounts shown on the federal Form 1040, Page 2, Amount paid with request for extension to file. New clients can enter amounts in these fields using the return.
federal additional payment date and amount
UltraTax CS automatically proformas the federal additional payment made based on the amounts entered in the additional payment made in the federal return. New clients can enter amounts in these fields using the return.
Additional federal taxes paid in
Data should be entered in these fields if federal payments were made in the year for prior years’ tax returns; for example, amending a federal return and paying tax for a year prior to the previous tax year. These amounts are added to the Additional Federal Taxes Paid section on the Iowa Federal Tax Adjustment Worksheet.
Total additional federal tax paid in (Force)
UltraTax CS automatically proformas and calculates federal tax paid in . Use these
Force
fields to enter amounts different from the calculated amounts, if desired. These amounts are used on the Iowa Federal Tax Adjustment Worksheet.