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Iowa tax form: IA 123 Net Operating Loss Schedule 41-123
Iowa tax form: IA 123 Net Operating Loss Schedule 41-123
IDOR link: https://tax.iowa.gov/sites/default/files/2021-12/IA123%2841123%29.pdf
Iowa did not follow the 2017, nor the 2020 Federal Tax Acts. Iowa has gone it's own way on NOLs and does not follow the Federal NOL law.
IMPORTANT: IA 123 is used to make the irrevocable Iowa NOL election to carry forward or to carry back the IA NOL. This election must be made on a timely filed Iowa return.
IA 123 is also used to compute Iowa NOL amounts created and used for each year.
IA 123 is needed to e-file Iowa NOL returns.
IA 123 is a pretty straight-forward two-page tax form/schedule.
