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Screens

Screen IAFIGen - Iowa Financial Institution Franchise Return (1120)

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Federal-to-state input screen and asset module data transfer

If information is transferred from federal input screens or from the asset module to a state input screen, the application displays the transferred data in blue.
If necessary, you can overrule the transferred amount by entering the appropriate amount in the field. The application then displays the new amount in black.
note
  • When you overrule a transferred amount, the application does not overwrite that amount with subsequent federal-to-state or asset module data transfers.
  • To delete the overruled amount and restore the original transferred amount, right-click the field and choose Delete overrule or simply enter the original amount in the field.
  • To confirm the accuracy of the overruled amount, right-click the field and choose Acknowledge overruled data. The application then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to enter it manually.
  • If desired, you can set a user preference to mark fields for which you overruled the transferred amounts and to list all overruled amounts in the Diagnostics window.

Statements

Many data entry fields provide predefined statements in which you can enter additional information. For additional information, refer to the Statements overview.

Accessing frequently asked questions

To view answers to common questions about calculations and data entry issues, select
Help
,
Additional Resources
 then
Frequently Asked Questions
.

Apportionment

Apportionment information is entered in one place for all states attached to the return. To enter apportionment information for all states, select
View
 then
Apportionment
.
For details, refer to Entering 1120 apportionment data for state returns.

General Information

Periods changed
Enter the period(s) federal income or tax changed. If there is an entry in this field, the application marks the Yes checkbox for the question, Was federal income or tax changed for any prior period(s)? on Form IA 1120F; otherwise, the No checkbox is marked.
Reason for first return
Enter the reason for the first return, or select one from the drop-down list. If the federal return is marked as an initial return, the Iowa reason for first return will default to New Business.
Reason for final return
Enter the reason for the final return, or select one from the drop-down list. If the federal return is marked as final, the Iowa reason for final return will default to dissolved. If the state return is marked final, estimate vouchers are not prepared for next year.
note
Returns marked as final in the previous year do not proforma to the current year. If the federal return is marked as final, the client does not appear in the list of clients that are available to proforma.

Additional Information

Year business started in Iowa, if different from year of incorporation
Enter the year the corporation started business in Iowa. If this field is blank, the application defaults to the year of incorporation.

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