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Per the state, nonresident grantor expenses do not calculate as instate deductions on IA 1040 nonresident returns. Instead, UltraTax CS uses nonresident credit Form IA 126 to calculate taxes at the resident rate, then multiplies it by a ratio of instate income to total income. UltraTax CS then subtracts the result on IA 1040. Since instate deductions are not on the IA 1040, no amounts will display in the Expenses / Deduction section on the nonresident grantor report.

Related topic: 1041 Iowa frequently asked questions

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