Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Iowa tax form: IA 123 Net Operating Loss Schedule 41-123

The_AntiTax_Man
Level 8

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.  

0 Cheers
1 Best Answer

Accepted Solutions
The_AntiTax_Man
Level 8

 @IntuitGabiU is looking into this on a separate thread of this same topic.

 

See:   

ProSeries Iowa Tax Module Iowa tax form: IA 123 Net Operating Loss Schedule 41-123

View solution in original post

0 Cheers
2 Comments 2
The_AntiTax_Man
Level 8
I also added this request under the PS Idea Exchange per private message received from @Intuit_Marisol
0 Cheers
The_AntiTax_Man
Level 8

 @IntuitGabiU is looking into this on a separate thread of this same topic.

 

See:   

ProSeries Iowa Tax Module Iowa tax form: IA 123 Net Operating Loss Schedule 41-123

0 Cheers