WHEN AN EXTENSION MAKES SENSEWHAT ABOUT STATE INCOME TAX RETURNS FORINDIVIDUALS?should file a tax return by April 17th, you havethe option of delaying your filing date until October 15th with a taxWhile mostlowa individual income tax returns are due on or before April 30th.lowa does not offer extensions of time to file or pay taxes. If you do notowe lowa income tax, there is no penalty for filing after the due dateextension. When to file an extensionMissing or incorrect information. If one of the forms you need to fileur return has an error on it, it is often better to receive a correctedHoward J. Michael H.Reinsch, Prosser, Gilbertson,Ericorm before filing.If you do not file your lowa income tax return by the due date, andat least 90 percent of the correct tax is not paid, a 10 percent penaltyCPACPACPARecharacterizing Roth IRA rollover amounts. If you've rolled fundsfrom a traditional IRA into a Roth IRA, you may want to reverse itapplieslater if the investments lose valuc. This so-called recharacterizationess can be done up to the extended tax-filing date of OctoberIf you file your lowa income tax return on time but do not pay atleast 90 percent of the tax shown as due, a 5 percent penalty applies.2017 is the last tax year you can use the recharacterization processwhich was eliminated for future years by the Tax Cuts and Jobs Act.For self-employed retirement donations. The self-employed can usean extension to buy time to fund an SEP IRA. This extended timeoseph R.Mohrhauser.PFS. CFPLeonDavid DSchmit,Jessen,. In either case, the penalty does not increase with time it is a flator 5 percent whichever applies You can't be subject toCPAframe does not apply to traditional IRAs and Roth IRAs.h penaltiesAvoid late filing penalty. If you fail to file a tax return, two taxIn addition to these penalties you will also be subject to 6 percentalty. By filing an exténsion, you can push out the potential late interest (5 percent perfiling penalty for another six months even if you cannot yet paythe tax.522 4th Street, Suite 200Sioux City, IA 51101-1620712.258.5550 Fax: 712.277.6705www.krpcpa.comCPACPAKING, RENSCH, PROSSER & CO ULP

Date: April 15, 2018

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WHEN AN EXTENSION MAKES SENSE WHAT ABOUT STATE INCOME TAX RETURNS FOR INDIVIDUALS? should file a tax return by April 17th, you have the option of delaying your filing date until October 15th with a tax While most lowa individual income tax returns are due on or before April 30th. lowa does not offer extensions of time to file or pay taxes. If you do not owe lowa income tax, there is no penalty for filing after the due date extension. When to file an extension Missing or incorrect information. If one of the forms you need to file ur return has an error on it, it is often better to receive a corrected Howard J. Michael H. Reinsch, Prosser, Gilbertson, Eric orm before filing. If you do not file your lowa income tax return by the due date, and at least 90 percent of the correct tax is not paid, a 10 percent penalty CPA CPA CPA Recharacterizing Roth IRA rollover amounts. If you've rolled funds from a traditional IRA into a Roth IRA, you may want to reverse it applies later if the investments lose valuc. This so-called recharacterization ess can be done up to the extended tax-filing date of October If you file your lowa income tax return on time but do not pay at least 90 percent of the tax shown as due, a 5 percent penalty applies. 2017 is the last tax year you can use the recharacterization process which was eliminated for future years by the Tax Cuts and Jobs Act. For self-employed retirement donations. The self-employed can use an extension to buy time to fund an SEP IRA. This extended time oseph R. Mohrhauser .PFS. CFP Leon David D Schmit,Jessen, . In either case, the penalty does not increase with time it is a flat or 5 percent whichever applies You can't be subject to CPA frame does not apply to traditional IRAs and Roth IRAs. h penalties Avoid late filing penalty. If you fail to file a tax return, two tax In addition to these penalties you will also be subject to 6 percent alty. By filing an exténsion, you can push out the potential late interest (5 percent per filing penalty for another six months even if you cannot yet pay the tax. 522 4th Street, Suite 200 Sioux City, IA 51101-1620 712.258.5550 Fax: 712.277.6705 www.krpcpa.com CPA CPA KING, RENSCH, PROSSER & CO ULP

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