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Screen IAAdj-2 - Iowa Low Income Exempt and Alternate Tax (1040)
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Overview
Use this screen to complete Form IA 1040 and Schedule IA 126, and to enter information concerning the low income exemption, alternate tax, and tax reduction. If information transferred from UltraTax/1040 does not require additional data or coding, UltraTax/1040-IA shows it on the form only, not in the input screen.
General Information
Use this section to enter information required for filing status
3
(Married Filing Separate) to force the alternate tax or tax reduction calculation and the low income exemption. For single filers, UltraTax CS calculates tax using both a regular calculation and the Iowa Tax Reduction Worksheet in order to determine the lowest tax. For all other filers, both the regular and alternate method of tax calculation is used to determine the lowest tax.Tax reduction calculation for single filers (Force)
Enter
1
to force UltraTax CS to use the Iowa Tax Reduction Worksheet instead of the regular tax calculation. Enter 2
to suppress the Iowa Tax Reduction Worksheet calculation and cause UltraTax CS to use the regular tax calculation. If no entry is made in this field, UltraTax CS uses the method that results in the lowest tax. This field only affects filing status single returns.Alternate tax calculation (Force)
Enter
1
to force UltraTax CS to use the alternate tax calculation instead of the regular tax calculation. Enter 2
to suppress the alternate tax calculation. If no entry is made in this field, UltraTax CS uses the method that results in the lowest tax. This field does not affect filing status single returns.Low income exemption (Force)
Enter
1
to force UltraTax CS to use the low income exception calculation instead of the regular tax calculation. Enter 2
to suppress the low income exemption calculation. If no entry is made in this field, UltraTax CS uses the method that applies to the return based on the calculation from the Low Income Exemption Worksheet. UltraTax CS defaults to allowing a net operating loss to calculate and turns the Low Income Exemption calculation off. Use this field to force the Low Income Exemption when there is an NOL in the return and the preference is to calculate the Low Income Exemption instead of the NOL.Spouse's income when married filing separately
If the Iowa filing status is
3
(Married Filing Separately), enter the other spouse's income. UltraTax CS uses this amount to complete Step 2 of Form IA 1040, the Alternate Tax Worksheet, the Low Income Exemption Worksheet and the Iowa Child and Dependent Care Credit Early Childhood Development Credit Worksheet.Spouse's QBI when married filing separately
If the Iowa filing status is
3
(Married Filing Separately), enter the other spouse's QBI. UltraTax CS uses this amount to complete the Alternate Tax Worksheet and the Low Income Exemption Worksheet.Spouse's social security when married filing separately
If the Iowa filing status is
3
(Married Filing Separately), enter the other spouse's reportable social security income. UltraTax CS uses this amount to complete the Alternate Tax Worksheet and the Low Income Exemption Worksheet.Spouse's lump-sum distribution taxed separately when married filing separately
If the Iowa filing status is
3
(Married Filing Separately), enter the other spouse's lump-sum distribution taxed separately. UltraTax CS uses this amount to complete the Alternate Tax Worksheet and the Low Income Exemption Worksheet.Spouse's net operating loss carryover when married filing separately
If the Iowa filing status is
3
(Married Filing Separately), enter the other spouse's net operating loss carryover. UltraTax CS uses this amount to complete the Alternate Tax Worksheet and the Low Income Exemption Worksheet.Explanation statement for spouse with NOL
If the Iowa filing status is
3
(Married Filing Separately), and either of the taxpayers choose not to carry the NOL forward or back, use this statement dialog to enter an explanation statement that confirms this. UltraTax CS uses this data to complete the Low Income Exemption Worksheet and to attach a statement to the return when claiming the low income exemption.