The Iowa Department of Revenue has published 2024 Iowa income tax forms to our website. A summary of the significant changes made to tax forms can be found below.
Individual Income Tax
Notable Legislative and Other Changes
- Taxpayers can round off cents to whole dollars on the IA 1040 return and related schedules.
- IA 148 credits claimed cannot be more than the amount calculated, awarded, or allocated from a pass-through entity, to the cent. If you claim more than the available amount of credit, the processing of your return may be delayed.
Forms Changes
- IA 1040 - Iowa Individual Income Tax Return (41-001)
- Line 21 - The State Fair Fund - Corndog Checkoff and the Firefights/Veterans Fund checkoffs received the lowest aggregate contribution amounts for the previous two years and, as required by Iowa Code section 422.12E, have been repealed effective December 31, 2023.
- Schedule 1
- Partnership and/or S corporation Modifications - Beginning in tax year 2024, any partnership and/or S corporation modifications should be reported on Schedule 1, line 3.
- Military retirement income - Beginning in tax year 2024, the military retirement income exclusion should be reported on Schedule 1, line 4.
- Surviving Spouse Pension Income Exemption - For tax years beginning on or after January 1, 2024, a surviving spouse may exclude amounts received from a deceased spouse’s pension on Schedule 1, line 7, regardless if the deceased spouse was 55 years of age or older or disabled, if the pension was from employment in a protection occupation, or as a sheriff, deputy sheriff, firefighter, or police officers.
- Transfers from Iowa 529 Plan to Roth IRA Exemption. Taxpayers who make a qualifying transfer from an Iowa 529 plan to a Roth IRA on or after January 1, 2024 are no longer required to add-back the amount previously deducted on Schedule 1, Line 11.
- 529 Plan (ISave 529) Deduction Limit - For tax year 2024, the deduction limit for contributions to Iowa 529 plans has increased to $5,500 per beneficiary. The deduction is reported on Schedule 1, line 19, using code ”g”.
- IA 100A - Iowa Capital Gain Deduction - Cattle Horses, or Breeding Livestock (41-155)
- IA 176 (new) - Public Safety Officer Moving Expense Tax Credit (41-191)
- IA 102 Amended Return Schedule (41-171)
- Explanation of refund or amount due on the amended return (page 2, lines 1-11b) section removed
- IA 148 Tax Credits Schedule (41-148)
- Part IV, Column O modified to allow tax credit reporting from a disregarded entity
- Part V, Sections A and B, Column G tax credit claim reduction increased
Discontinued forms in 2024:
- IA 2210S Short Method Underpayment of Estimated Tax by Individuals (45-012)
- IA 8801 Iowa Alternative Minimum Tax Credit - Individuals, Estates, and Trusts (41-009)
Business Income Tax
Notable Legislative and Other Changes
- The Iowa PTET election deadline was modified for tax years 2023 or later. To be considered valid, an Iowa PTET election must be made by the date which is six months after the original due date of the IA 1065 or IA 1120S return.
- IA 148 credits claimed cannot be more than the amount calculated, or awarded, or allocated from a pass-through entity, to the cent. If you claim more than the available amount of credit, the processing of your return may be delayed.
- Two new (formerly reserved) lines have been added to the IA 1120 Schedule A
- line 5 is now Capital Loss Carryback Include IA 1139-CAP (Amended returns only)
- line 7 is now Global Intangible Low-Taxed Income (GILTI)
- IA 1120, IA 1065, IA 1120S; added amended return only lines to main form to account for refunds and carryforwards already received through prior filings.
Forms Changes
- IA 102 Amended Return Schedule (41-171)
- Explanation of refund or amount due on the amended return (page 2, lines 1-11b) section removed
- IA 1120 Corporation Income Tax Return (42-001)
- new lines 17a and 17b (amended returns only)
- new lines 5 and 7 added to Schedule A
- IA 1065 Iowa Partnership Return of Income (41-016)
- new lines 35a and 35b (amended returns only)
- IA 1120S Iowa Income Tax Return for S Corporations (42-004)
- new lines 44a and 44b (amended returns only)
- IA PTE-C Composite Return (41-174)
- new lines 7a and 7b (amended returns only)
- IA 128 and IA 128S Research Activities Credit Forms (41-128 / 41-124)
- eligible cost of Iowa supplies (IA 128, line 25; IA 128S, line 18) reduced
- IA 148 Tax Credits Schedule (41-148)
- Part IV, Column O modified to allow tax credit reporting from a disregarded entity
- Part V, Sections A and B, Column G tax credit claim reduction increased