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2021 Iowa Fiduciary Instructions (IA 1041)

2021 Iowa Fiduciary Instructions (IA 1041). FILE ELECTRONICALLY USING MODERNIZED e-FILE (MeF). NEW FOR 2021. For tax years beginning on or after January 1, 2020, Iowa has adopted rolling conformity, meaning the state will automatically conform to any changes made to the Internal Revenue Code (IRC), except as specified by Iowa law. Paycheck Protection Program (PPP) loans that are forgiven and properly excluded from gross income for federal purposes will also qualify for exclusion from income for Iowa tax purposes. Line 8: Iowa has conformed with federal bonus depreciation provisions for assets placed in service in tax year 2021. The IRC section 179 limit applicable to fiduciaries for Iowa for tax year 2021 is the same as the federal limit. See the IA 4562A/B for more information. Taxpayers who had to make adjustments for Iowa's nonconformity to federal law in 2018 or later may need to complete form IA 101 in 2021 and later years. See the IA 101 Nonconformity Adjustments form for more information.

1041 Iowa Fiduciary Return • A copy o fthe federal orm 1041 return and appropriate schedule, including federal Ks - 1s for each beneficiary,must accompany each Iowa fiduciary return filed. A copy of the decedent’s will must fiduciary return if the Department has not previously received a • A copy of inter vivos trust instruments must

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Transcription of 2021 Iowa Fiduciary Instructions (IA 1041)

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