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Screen IA128 - Iowa Research Activities Tax Credit (1040)

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Overview

This is a T/S form. Enter information in this screen to calculate Form IA 128 Research Activities Tax Credit (code 58) or Form 128S, Alternative Simplified Research Activities Tax Credit (59). UltraTax automatically transfers this information to Part II of the Form 148, Tax Credits Schedule. If the credit is from a pass-through entity, the information is automatically entered in Part IV Form 148. A certificate number is needed only if there are Supplemental Research Activities.

Research Credits

Enter amounts for Iowa.
Taxpayer or Spouse
Enter either Taxpayer or Spouse to calculate the credit. A blank box will automatically be allocated to the taxpayer.
Credit from pass-through entity
Marking this box will allow data entry for a credit from a pass-through entity. Each credit from a pass-through entity must be entered separately by adding an additional input screen.
Alternative simplified credit elected
Enter
X
 to elect the alternative simplified credit and have UltraTax CS calculate Form 128S - Alternative Simplified Research Activities Tax Credit. If this field is blank, UltraTax CS completes Form 128, Iowa Research Activities Tax Credit.
Alternative research credit only: First / Second / Third prior year research expenses
Enter information only if preparing a Form 128S, Alternative Simplified Research Activities Tax Credit.
Amount of credit for Supplemental Research Activities / Certificate number
Enter information in these boxes only if there are Supplemental Research Activities credits. A certificate number of 12 digits must be entered for this credit.

Pass-through Entity Credit

Enter entity information in this section for a credit received from a partnership, S Corporation, estate or trust. UltraTax/1040-IA automatically transfers the information entered here to Part IV of Form IA 148, Tax Credits Schedule. Each pass-through entity with a research credit must be entered separately on an additional input screen.
Amount of credit for Research Activities
Enter the amount for the Research Activities credit allocated to the individual.
Amount of credit for Supplemental Research Activities
Enter the amount of credit for the Supplemental Research Activities allocated to the individual. A certificate number of 12 digits is needed for this credit.
Percent of ownership
Enter the percent of ownership.

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