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Iowa Claim of Right

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Iowa Claim of Right

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Claim of Right Deduction

If income was repaid in the tax year and was reported and taxed on a prior Iowa return, that income may be deducted on the current tax return. You may take either the deduction or take a credit, but not both.

Example of Claim of Right Deduction 

A taxpayer reported $7,000 in unemployment benefits on their Iowa return last year. Later the taxpayer was notified that $4,000 of the unemployment benefits had to be repaid. The benefits were repaid in the current tax year. The taxpayer may claim a $4,000 income adjustment on the same year Iowa return.

 


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Article Details
Views: 756 Created on: Jun 15, 2013
Date updated: Aug 11, 2015
Posted in: STATES, Iowa

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