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Category: Iowa
70 Articles
Orange arrow Can I deduct my health and dental insurance on my Iowa return?

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  You may take a deduction for certain health insurance premiums on line 18 instead of IA 1040, Schedule A. Your IA 1040, Schedule A cannot contain any health insurance premiums which are used as a deduction on line 18. Typically, health insurance premiums are made on a pre-tax basis when they are de...
Posted in: States, Iowa

Orange arrow Do I have to report my federal tax refund on my IA return?

1011 views
  If you received a refund of federal income tax during 2021: You must report the amount on this line. It must be reported even if you used the standard deduction on the prior year's Iowa return. The federal refund must be included on this line because you benefited from being able to deduct federal...
Posted in: States, Iowa

Orange arrow Can I deduct my Iowa vehicle registration fee?

1381 views
  Vehicle Registration Fee Deduction and Worksheet If you itemize deductions, a portion of the automobile or multipurpose vehicle annual registration fee you paid in 2019 may be deducted as personal property tax on your Iowa Schedule A, line 6, and federal form 1040, Schedule A, line 5c. This deduc...
Posted in: States, Iowa

Orange arrow How do I claim my Iowa Mortgage Interest Credit Deduction?

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  Taxpayers with the mortgage interest credit can claim on their Iowa return a deduction on line 9b of Schedule A for all mortgage interest paid in the tax year and not just the mortgage interest that was deducted on the Federal Schedule A....
Posted in: States, Iowa

Orange arrow Do I owe Iowa Minimum Tax?

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  Residents enter the amount from line 31 of the IA 6251 pdf (Iowa Alternative Minimum Tax Computation). Nonresidents and part-year residents enter the amount from line 35 of the IA 6251 pdf (Iowa Alternative Minimum Tax Computation). The Iowa alternative minimum tax is imposed, for the most par...
Posted in: States, Iowa

Orange arrow How much is the Iowa capital gains deduction?

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  This is a deduction of qualifying net capital gain realized in 2021. Note: Line 23 can be more than the net total reported on Schedule D. Unrelated losses are not to be included in the computation of the deduction. An example of an unrelated loss is the sale of common stock at a loss. The Iowa cap...
Posted in: States, Iowa

Orange arrow Who should complete Iowa Form 6251B Statement of Net Worth?

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  Complete each section as instructed below. Be sure to include the personal and business assets and liabilities of both spouses. IA 6251B should be completed by those eliminating the distressed sale transaction from net income and those limiting their tax liability to their net worth. Note: The ba...
Posted in: States, Iowa

Orange arrow Do I qualify for Iowa Out-of-State Credit?

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  All income an Iowa resident earns is taxable to Iowa to the same extent that it is taxable on the federal return even if the income was earned in another state, local jurisdiction in another state, or foreign country. If another state, local jurisdiction in another state, or foreign country taxes t...
Posted in: States, Iowa

Orange arrow Iowa Franchise Tax Credit

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  Franchise Tax Credit Iowa imposes a franchise tax on all financial institutions. Therefore, the Franchise Tax Credit is allowed to avoid double taxation of income. If a financial institution as defined in section 581 of the Internal Revenue Code elects to file as an S corporation for federal inco...
Posted in: States, Iowa

Orange arrow Do I qualify for the Iowa minimum tax carry-forward credit?

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  The Iowa Alternative Minimum Tax Credit is available for taxpayers who paid Iowa alternative minimum tax in prior years based on tax preferences and adjustments. The credit is limited to the extent the regular tax exceeds the Iowa alternative minimum tax in a prior tax year and cannot be claimed in...
Posted in: States, Iowa

Orange arrow Do I qualify for the Iowa Form 4136 Motor Fuel Tax Credit?

1769 views
  Effective July 1, 2020, the fuel tax rate for Gasoline, Ethanol Blended Gasoline, Alcohol, and Biodiesel B-11 or higher Undyed have changed. Ethanol Blended Gasoline, including E-85, is now separated into two different tax categories: E-10 to E-14 and E-15 or higher. E-85 is now part of Ethanol Ble...
Posted in: States, Iowa

Orange arrow Iowa Motor Fuel Tax Credit Computation - Fuel Used

961 views
  Effective July 1, 2020, the fuel tax rate for Gasoline changed as a result of a calculated change to the fuel distribution percentage. Rates for all other fuel types were unchanged. Resident and nonresident individuals, fiduciaries of estates and trusts, and C corporations may claim a tax credit ...
Posted in: States, Iowa

Orange arrow Iowa Motor Fuel Tax Credit Computation

884 views
  Effective July 1, 2020, the fuel tax rate for Gasoline, Ethanol Blended Gasoline, Alcohol, and Biodiesel B-11 or higher Undyed have changed. Ethanol Blended Gasoline, including E-85, is now separated into two different tax categories: E-10 to E-14 and E-15 or higher. E-85 is now part of Ethanol Ble...
Posted in: States, Iowa

Orange arrow Where do I find my Iowa School District/EMS Tax rate?

1381 views
  School District Surtax School District Surtax / EMS list The applicable school district is the one in which you resided on the last day of the tax year (12/31/2021 for calendar-year filers), not necessarily the district where your children attend school. Taxpayers without children, or without chi...
Posted in: States, Iowa

Orange arrow Can my spouse and I split dependent allocation if we select married filing seperately when we prepare our taxes?

827 views
  Married Separate Filers - You may divide the number of dependents you claim between you and your spouse. However, you may not divide any one dependent between each spouse. Each spouse must claim his or her own exemption credits and may not claim any unused part of his or her spouse's credit....
Posted in: States, Iowa


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