3. DIVIDEND INCOME. Attach
a copy of your Federal or Iowa Schedule
B if your Iowa taxable dividends
are more than $1,500. Report the same dividends as you reported on your Federal
return with the following modifications:
- Add all
dividends from mutual funds, investment trusts, or regulated investment
companies investing in state and municipal bonds.
- Deduct that
portion of any net dividends from a mutual fund, investment trust, or regulated
investment company that is attributable to Federal securities. You cannot
take this deduction unless you are provided a statement from the fund giving
the percentage of net dividends attributable to Federal securities. A copy
of the statement must be attached to the return to take this deduction.
Interest income from repurchase agreements involving
Federal securities cannot be deducted.
Married Separate Filers: Divide
dividends based on registered ownership of stock.
- Jointly held: Divide equally.
- Held in the name of only one spouse:
Allocate dividends wholly to that spouse.