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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:

  1. Add all dividends from mutual funds, investment trusts, or regulated investment companies investing in state and municipal bonds.
  2. 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 deduction.

Interest income from repurchase agreements involving federal securities cannot be deducted.

Married Separate Filers: Divide dividends based on registered ownership of stock.

  1. Jointly held: Divide equally.
  2. Held in the name of only one spouse: Allocate dividends wholly to that spouse.