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Category: Iowa
71 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...
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Orange arrow Do I have to report my federal tax refund on my IA return?

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  If you received a refund of federal income tax during 2018: 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...
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Orange arrow Can I deduct my Iowa vehicle registration fee?

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  Vehicle Registration Fee Deduction and Worksheet If you itemize deductions, a portion of the automobile or multipurpose vehicle annual registration fee you paid in 2018 may be deducted as personal property tax on your Iowa Schedule A, line 6, and federal form 1040, Schedule A, line 5c. This deduc...
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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....
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Orange arrow Do I owe Iowa Minimum Tax?

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  The Iowa Minimum Tax is imposed, for the most part, on the same tax preference items and adjustments on which Federal minimum tax is imposed. However, you may be subject to Iowa Minimum Tax even if you have no liability for Federal minimum tax. If you had tax preference items and adjustments, see ...
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Orange arrow How much is the Iowa capital gains deduction?

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  Iowa Capital Gain Deduction - for certain business/farm assets ONLY. Gains on the sale of stocks or bonds do not qualify for the capital gain deduction. This is a deduction of qualifying net capital gain realized in 2016. Note: Line 23 can be more than the net total reported on Schedule D. Unrelat...
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Orange arrow Who should complete Iowa Form 6251B Statement of Net Worth?

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  Complete each section as directed. 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. This form should also ...
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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...
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Orange arrow Iowa Franchise Tax Credit

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  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 income tax purposes and th...
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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...
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Orange arrow Do I qualify for the Iowa Form 4136 Motor Fuel Tax Credit?

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  Who May Claim Credit: Resident and nonresident individuals, fiduciaries of estates and trusts, and corporations other than S corporations may claim a tax credit on their income tax returns for fuel on which Iowa fuel tax was paid and used off highway in an unlicensed vehicle. This fuel tax credit...
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Orange arrow Iowa Motor Fuel Tax Credit Computation - Fuel Used

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  Effective July 1, 2016, fuel tax rates for Gasoline and Ethanol-Blended Gasoline changed as a result of a calculated change to the fuel distribution percentage. Effective July 1, 2018, the fuel tax rate for Gasoline changed again. Rates for all other fuel types were unchanged. Resident and nonre...
Posted in: States, Iowa

Orange arrow Iowa Motor Fuel Tax Credit Computation

565 views
  Effective July 1, 2016, fuel tax rates for Gasoline and Ethanol-Blended Gasoline changed as a result of a calculated change to the fuel distribution percentage. Effective July 1, 2018, the fuel tax rate for Gasoline changed again. Rates for all other fuel types were unchanged. Resident and nonresi...
Posted in: States, Iowa

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

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  The applicable school district is the one in which you resided on the last day of the tax year (12/31/2018 for calendar-year filers), not necessarily the district where your children attend school. Taxpayers without children, or without children in public school, are still subject to this tax. You...
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?

628 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....
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