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
- Add all dividends from mutual funds, investment
trusts, or regulated investment companies investing in state and
- Deduct that portion of any net dividends from
a mutual fund, investment trust, or regulated investment company
that is attributable to direct Federal securities. You cannot take this
deduction unless you are provided a statement from the fund giving
the percentage of net dividends attributable to direct Federal securities.
If a return is filed on paper, a copy of the statement must be attached to the return to take this
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.