Iowa Additional Federal Tax Paid for Prior Year

Federal taxes paid in 2021 for prior years: a. Enter the amount of additional federal income tax paid during 2021 for tax year 2020 and any other years before 2021. The amount of additional federal income tax paid is deductible only if Iowa income tax returns were required to be filed for the year for which the additional federal income tax was paid. Include only the actual federal income tax [...]

Iowa State Exempt Dividends

Deduct that portion of any net dividends from a mutual fund, investment trust, or regulated investment company that is attributable to direct federal securities. You cannot take this deduction unless you are provided a statement from the fund giving the percentage of net dividends attributable to direct federal securities. The following securities are exempt: Aviation Authority Bonds, [...]

Are my Iowa securities tax exempt?

Include the same amounts of interest income reported on your Federal return with the following modifications: Add interest from state and municipal securities unless specifically exempt from Iowa tax. The following securities are exempt: Aviation Authority Bonds, Iowa Code section 330A.16 Beginning Farmer Loan Program Bonds, Iowa Code section 16.64 Community College Bond Program Bonds, [...]

Can I take a claim of right deduction?

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 [...]

What should I include in my Iowa health and dental insurance premium deduction?

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 deducted from wages. These premiums are not eligible to be claimed on line 18 or IA 1040, Schedule [...]