Fillable Printable Ia 1040 Iowa Individual Income Tax Form
Fillable Printable Ia 1040 Iowa Individual Income Tax Form
Ia 1040 Iowa Individual Income Tax Form
Iowa Department of Revenue
https://tax.iowa.gov 2015 IA 133
Iowa New Jobs Ta x Credit
41-133a (07/17/15)
Name(s) SSN or FEIN
Pass-Through Entity (if applicable) _____________________________________________________
Pass-Through FEIN ___________________________ Tax Period Ending Date
Tax credit certificate number for 260E agreement with a community college
If you claimed the New Jobs Tax Credit under this agreement in a prior tax year, you are NOT eligible
to claim it again for the same new jobs.
Part I: Eligibility for New Jobs Tax Credit
1. Base employment level at the location with the 260E agreement ............ 1.
2.Number of new jobs directly resulting from the project covered by the
agreement ................................................................................................... 2.
3.Number of new jobs directly resulting from the project covered by the
agreement for which the tax credit is being claimed this tax year from
Schedule A, column E, Total New Jobs ..................................................... 3.
4.Number of new jobs directly related to the jobs in line 2 for which the
tax credit is being claimed this tax year from Schedule B, column E,
Total New Jobs ........................................................................................... 4.
5. Total new jobs claimed this tax year, add lines 3 and 4 ............................ 5.
6.Increased employment percentage. Divide line 5 by line 1 and round to
three decimals (ex. 10.3%). If line 1 equals zero, report 10.0%.
If this number is less than 10.0%, you are not eligible for the New Jobs
Tax Credit for this tax year. Do not claim this tax credit ............................ 6. %
Part II: Calculation of the New Jobs Tax Credit
7.Qualifying taxable wages for eligible new jobs. Add total qualifying taxable
wages from Schedule A, column F, and Schedule B, column F ............... 7.
8. Tax credit rate is 6.0% ................................ ................................ ......................... 8. x 0.06
9.New Jobs Tax Credit. Multiply line 7 by line 8. Enter in column D of
Part I on the IA 148 Tax Credits Schedule ................................................. 9.
10. Pass-through New Jobs Tax Credit from partnership, LLC, S corporation,
estate, or trust. Enter in column D of Part I and complete Part IV on the
IA 148 Tax Credits Schedule .................................................................... 10.
11. Carryforward of New Jobs Tax Credit from tax year 2014 under the
Tax Credit Certificate Number listed above. Enter in column C of Part I
on the IA 148 Tax Credits Schedule......................................................... 11.
IA 148 Tax Credits Schedule must be
completed.
41-133b (07/17/15)
Schedule A - Employees in New Jobs Directly Resulting from the Project
A
Employee Name
B
Employee
SSN
C
Job Title
D
Wages Paid
During
Calendar Year
E
Hours
Share
F
Qualifying Taxable
Wages: Multiply the
lesser of Column D
or $27,300 by
Column E
Total New Jobs (sum column E Hours Share) Enter in line 3 .........................
Total Qualifying Taxable Wages (sum column F) .........................................
Schedule B – Employees in New Jobs Directly Related to the New Jobs in Schedule A
A
Employee Name
B
Employee
SSN
C
Job Title
D
Wages Paid
During
Calendar Year
E
Hours
Share
F
Qualifying Taxable
Wages: Multiply the
lesser of Column D
or $27,300 by
Column E
Total New Jobs (sum column E Hours Share) Enter in line 4 .........................
Total Qualifying Taxable Wages (sum column F) .........................................
41-133c (09/17/15)
2015 IA 133 New Jobs Tax Credit Instructions
A New Jobs Tax Credit can be claimed by a
taxpayer who has entered into an Iowa Industrial
New Jobs Training (260E) agreement with a
community college and who has increased
employment over the base employment level by
at least 10.0%. The tax credit can be claimed in
any tax year that either begins or ends during the
term of the 260E agreement. However, the tax
credit may not be taken until the base
employment level has been exceeded by at least
10.0%. In the case of a taxpayer without a base
employment level, the tax credit can be claimed
for all eligible new jobs for the tax year selected
by the taxpayer. The tax credit can only be
claimed once for each new job.
Base employment level means the number of
full-time jobs a business employs at the location
covered by the 260E agreement on the date of
the agreement. A full-time job includes any
position with an average work week of 35 or
more hours or a salaried position. Part-time jobs
must be aggregated to equal a full-time job. A
job with average weekly hours below 15 counts
as 0.25; a job with hours greater than or equal to
15 but less than 25 counts as 0.5; and a job with
hours greater than or equal to 25 but less than
35 counts as 0.75.
In determining if the taxpayer has increased
employment over the base employment level by
at least 10.0%, only those new jobs directly
resulting from the project covered by the
agreement and those directly related to those
new jobs are eligible. New jobs directly resulting
from a project do not include jobs of recalled
workers or replacement jobs or other jobs that
formerly existed at the location. New jobs directly
related to the new jobs resulting from the project
means those jobs which directly support the new
jobs. However, those new jobs do not include an
in-state employee transferred to a position which
would be considered a new job directly related to
the new jobs resulting from the project unless the
transferred employee’s vacant position is filled
by a new employee. The burden of proof that a
new job is directly related to the new jobs
resulting from the project is on the taxpayer.
Example: A taxpayer who has entered into a
chapter 260E agreement to train new
employees for a new product line transfers an
in-state employee to be foreman of the new
product line and fills the transferred employee’s
position with a new employee. The new
foreman’s position would be considered a job
directly related to new jobs because it directly
supports the new jobs and the transferred
employee’s old position was filled by a new
employee.
Any credit in excess of the tax liability for the tax
year may be credited to the tax liability for the
following 10 tax years or until depleted,
whichever is earlier. Complete the IA 133 even if
you are only claiming a New Jobs Tax Credit
carryforward from a prior tax year.
A separate IA 133 must be completed for each
different 260E agreement under which a New
Jobs Tax Credit, new or carryforward, is claimed.
Apportionment
of Tax
Credit
If the business is a partnership, LLC, S
corporation, estate, or trust, the tax credit must
be apportioned to the members. The pass-
through entity must file the IA 133 with its return.
On Schedule K-1 or on an attachment to
Schedule K-1, report the tax credit for each
member, including the tax credit certificate
number for the 260E agreement, and instruct the
members to report the apportioned tax credit on
line 10 of form IA 133 and include it with their tax
returns. Also direct members to report their
share of the New Jobs Tax Credit on Part I of the
IA 148 Tax Credits Schedule with the tax credit
certificate number assigned to the 260E
agreement.
Schedules A and B New Jobs Details
Schedules A and B must be completed to
demonstrate eligibility for the New Jobs Tax
Credit. In Schedule A, provide the name, SSN,
and job title for employees in the new jobs
directly resulting from the project covered by the
agreement. In Schedule B, provide the name,
SSN, and job title for employees in the new jobs
directly related to the new jobs reported in
Schedule A. Complete multiple schedules if
more lines are needed. Also report total wages
paid to each employee during calendar year
2015 in column D. If any of the listed employees
worked less than 35 hours per week, indicate the
41-133d (07/30/15)
applicable share of hours in column E; enter 0.75
if hours are greater than or equal to 25 but less
than 35; enter 0.5 if hours are greater than or
equal to 15 but less than 25; enter 0.25 if hours
are below 15; enter 1 if a full-time job.
Column F equals qualifying taxable wages for
the employees in jobs for which the taxpayer is
claiming the New Jobs Tax Credit this tax year.
Multiply the lesser of column D or $27,300 by the
hours share in column E to calculate qualifying
taxable wages in column F. If the taxpayer
claimed a tax credit for the listed employee in a
prior tax year, leave column F blank. If the
taxpayer chooses to not claim a tax credit this
tax year for a listed employee, leave column F
blank.
In the final rows of each schedule, total columns
E and F. Enter the Schedule A, column E sum in
line 3 of the IA 133. Enter the Schedule B,
column E sum in line 4 of the IA 133. Add the
Schedules A and B, column F totals and enter
that sum in line 7 of the IA 133.
2015 IA 133 Instructions
Provide your name, SSN or FEIN, and tax period
ending date. Also report the tax credit certificate
issued with the 260E agreement.
Line 2: Number of new jobs covered in the
agreement - Report the number of new jobs
pledged in the 260E agreement with the
community college.
Line 3: Number of new jobs claimed - Report
the number of new jobs which equals the sum of
column E in Schedule A on the IA 133; add
additional schedules if more than fifteen
employees.
Line 4: Number of jobs directly related to the
new jobs claimed - Report the number of jobs
directly related to the new jobs which equals the
sum of column E in Schedule B on the IA 133;
add additional schedules if more than six
employees.
Line 7: Qualifying taxable wages - For 2015,
qualifying taxable wages are the first $27,300
wages paid to employees in new jobs or in jobs
directly related to those new jobs. This is the
amount of taxable wages on which an employer
is required to pay unemployment taxes. Add the
totals from Schedule A and Schedule B in
column F.
If the taxpayer is a C corporation, the amount in
line 9 of this form must be placed in column D of
Part I on the IA 148 Tax Credits Schedule; use
tax credit code 08 in column A. Enter the tax
credit certificate number awarded with the 260E
agreement in column B. Use the IA 148 Tax
Credits Schedule to determine the allowable
credit that can be claimed in the current tax year
and any carryforward. Any carryforward from
prior year(s) claimed under the same 260E
contract must be reported in line 11 of this form
and placed in column C of the same line on the
IA 148. If the taxpayer is only reporting a
carryforward claim, complete line 11 of this form
as well as all the fields at the top.
If the taxpayer has received any new pass-
through New Jobs Tax Credit from a partnership,
LLC, S corporation, estate, or trust, indicate that
amount on line 10 of this form. Also enter the
amount in column D of Part I on the IA 148 Tax
Credits Schedule. If you have a carryforward tax
credit received from a pass-through in a prior tax
year, indicate that amount on line 11 of this form.
Also enter the amount in column C of Part I on
the IA 148 Tax Credits Schedule. For either a
new claim or carryforward claim, use tax credit
code 08 in column A and report the 260E
certificate number in column B. Provide the
pass-through name in column M and FEIN in
column N of Part IV on the IA 148 Tax Credits
Schedule as well as on the top of this form.
File a separate IA 133 for each pass-through
New Jobs Tax Credit received. Also list the
claims separately on Part I of the IA 148 Tax
Credits Schedule with each tax credit certificate
number and provide each pass-through name
and FEIN in Part IV.
