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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
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The_AntiTax_Man
Level 8
05-10-2023
10:38 AM
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Intuit needs to include Form IA 123 in the State of Iowa tax software module!
Iowa tax form: IA 123 Net Operating Loss Schedule 41-123
Iowa did not follow the 2017, nor the 2020 Federal Tax Acts. Iowa has gone its 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.
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