Scunthorpe snatched a late equaliser after dominating a hard fought local derby clash.
United looked to have wasted their chance of getting any reward until eight minutes from time when Cleveland Taylor hit in a fluke shot from 40 yards.
Taylor, in the second month of loan spell from Bolton, appeared to have been attempting a cross from the touch line but the ball flew over Lincoln keeper Alan Marriott and finished up in the net.
Scunthorpe earlier missed a series of good chances with Lincoln struggling to find their form.
Steve Torpey sent a 14th minute header straight at Marriott but should have scored three minutes later when he allowed the ball to run between his legs and failed to get a shot in from three yards.
Scunthorpe broke again when Matthew Sparrow put Taylor in the clear but the winger put his shot across the face of the goal.
Lincoln went in front against the run of play when good work by Gary Fletcher and Marcus Richardson set up Peter Gain who shot home from close range 10 minutes before the break.
Scunthorpe quickly picked themselves up and ex Everton star Peter Beagrie curled a free kick around the Lincoln defensive wall only for Marriott to save.
The Lincoln keeper then again twice kept out Torpey before doing well to push out a 68th minute shot from Kevin Sharp which was heading from the top corner.
Gain had the chance to clinch victory for Lincoln but shot against the legs of United keeper Tom Evans.
The result left the Iron 16th in the table but just four points above Macclesfield, who now occupy the second relegation spot.
Luckily for United five of the seven teams between them and the relegation zone tasted defeat this afteroon.