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

[The_AntiTax_Man]

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.  

[The_AntiTax_Man]

I also added this request under the PS Idea Exchange per private message received from @Intuit_Marisol

[The_AntiTax_Man · Accepted solution]

 @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