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Iowa NOL worksheet IA 123 - Iowa Department of Revenue

Iowa NOL worksheet IA 123 - Iowa Department of Revenue 2025

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The document is the Iowa Department of Revenue's IA 123 Iowa Net Operating Loss (NOL) Worksheet, which provides instructions for calculating and applying net operating losses for Iowa tax purposes. It outlines the steps for determining NOL, including additions and deductions to net income, and explains how to carry back or carry forward NOLs based on specific tax years. The worksheet also includes guidelines for nonresidents and part-year residents regarding Iowa-source income.

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Click ‘Get Form’ to open the Iowa NOL worksheet IA 123 in the editor.
Begin by entering your name and Social Security Number, followed by your spouse’s name and their Social Security Number if applicable.
In Section A, calculate your Net Income for the loss year from line 26 of IA 1040. Fill in this amount in the designated field.
Proceed to list any additions to your net income in lines 2a through 2e, ensuring you follow the instructions provided for each item.
Calculate the total additions and enter this value on line 3. Then, add lines 1 and 3 together and input the result on line 4.
For deductions, complete lines 5a through 5c as instructed, then sum these deductions on line 6.
Finally, compute your NOL by subtracting line 6 from line 4 and enter this figure on line 7. Review all entries for accuracy before saving or exporting your completed form.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How do I know if Im exempt from Iowa income tax?

Filing status 1, Single: If you are using filing status 1 (single), you are exempt from Iowa tax if you meet either of the following conditions: Your Iowa taxable income from all sources, IA 1040, line 4, is $9,000 or less and you are not claimed as a dependent on another persons Iowa tax return.

Why am I getting a letter from the Iowa Department of Revenue?

We send letters for the following reasons: You have a balance due. We have a question about your tax return. We need to verify your identity.

Does Iowa allow section 179 depreciation?

The amount of the Iowa section 179 deduction is the same as the amount of the federal section 179 deduction, up to the Iowa limit. Iowa taxpayers who elect the federal section 179 deduction must also take a section 179 deduction for the same assets for Iowa income tax purposes in that year.

What is the payment plan for the Iowa Department of Revenue?

Visit govconnect.iowa.gov to set up a payment plan or contact the Department at 515-281-3114. Payment plans can be set up with a maximum term of 36 months, and a minimum monthly payment amount of $10.00.

Can nols be carried forward?

In the U.S., a net operating loss can be carried forward indefinitely but are limited to 80 percent of taxable income.

What is the new tax law in Iowa 2025?

Beginning in tax year 2025, Iowa will transition to a flat tax of 3.8%. While that flat tax shift will eventually simplify the states tax system, current-year taxpayers may still need help understanding their responsibilities.

Do states follow federal NOL rules?

Your California NOL is generally calculated the same as the Federal. However, allowable amounts and the carryover periods differ between Federal and California.

Does Iowa allow NOL carryforward?

After the election is made for any taxable year the election shall be irrevocable. When the election has been properly made the Iowa NOL shall be carried forward 20 taxable years. If you do not elect to waive your carryback period farmers may elect to carry the farming NOL back five years and forward 20 years.

Iowa NOL worksheet IA 123 - Iowa Department of Revenue 2025

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