20 Adjustments to prior years. When Iowa requests for refunds are filed, they shall be

allowed only if filed within three years after the tax payment upon which a refund or credit became due, or one year after the tax payment was made, whichever time is the later. Even though a refund may be barred by the statute of limitations, a loss shall be carried back and applied against income on a previous year to determine the correct amount of loss carryforward. This rule is intended to implement Iowa Code section 422.73. [Editorial change: IAC Supplement 11/2/22] Revenue[701] Ch 302, p.22 IAC 2/5/25