Line 07: Total Tax

Topics:

Expanded Instructions
  • Line: 7
  • Step: 5
  • Step Subject: Tax, Non-refundable Credits & Checkoff Contributions
  • Instruction Year: 2024

Add lines 5 and 6.

Taxpayers who had a distressed sale in 2024 and have included the gain in Iowa taxable income may be eligible to limit their tax to their net worth immediately prior to the distressed sale. If you qualify, limit the amount on line 7 to your net worth before the distressed sale and include an IA 6251B Balance Sheet or Statement of Net Worth (41-135).

Note: Iowa’s alternative minimum tax (AMT) has been repealed. Tax year 2023 was the last year to apply prior AMT credit carryforward.

Go to Line 06: Iowa Lump-Sum Tax

Go to Line 08: Total Exemption Credit