Everywhere Income and Source Income (1041 IA)
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Hide expandable textSource income
Iowa instructions include a separate Schedule C for reporting Iowa source income for a nonresident trust. Per the state, do not report source income if the trust is resident.
Everywhere income
Iowa only wants ‘everywhere’ income reported on page 1. UltraTax CS Onvio Tax makes the nonresident tax adjustment in the credit section of page 1, based on the percentage of Iowa source to ‘everywhere’ income, and applies it to the ‘everywhere income’ tax.
Per the state, report S corporation income on Line 8 Other income for both page 1 and Schedule C.
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