Taxes

Iowa Tax Brackets and Tax Deductions

Products You May Like

Iowa State Tax Brackets 2023

The state of Iowa collects income tax from its residents at the same rate regardless of filing status. Here’s a breakdown of those rates for tax year 2022. Iowa state taxes are due May 1, 2023.

For married taxpayers filing jointly

Taxable Income  Tax   
OverBut Not OverTax RateOf Excess Over
$0$12,000$0.00+(4.40%x$0)
$12,000$60,000$528.00+(4.82%x$12,000
$60,000 $150,000 $2,841.60+(5.70%x$60,000)
$150,000 —— $7,971.60+(6.00%x $150,000)

For all taxpayers other than married taxpayers filing jointly

Taxable Income  Tax   
OverBut Not OverTax RateOf Excess Over
$0$6,000$0.00+(4.40%x$0)
$6,000$30,000$264.00+(4.82%x$6,000
$30,000 $75,000 $1,420.80+(5.70%x$30,000)
$75,000 —— $3,985.80+(6.00%x $75,000)

Iowa Standard Tax Deductions

Iowa residents filing single or married filing separately can claim a standard deduction of $2,110. Those who are married filing jointly or head of household can claim a standard deduction of $5,210. Find more information about your Iowa state income taxes below. Check your Iowa tax refund status.

Tax Filing StatusAmount
Married Filing Jointly$5,540
Single/Married Filing Jointly/Head of Household$2,210

Iowa School District Surtax

As a resident of Iowa, the school district surtax is another detail to understand when it comes to state income taxes. The surtax generates revenue that goes directly to the school district the taxpayer resides in. The amount paid is based on the taxpayer’s total individual state income tax. That amount is multiplied by the district’s surtax rate to calculate the amount owed. Each district’s rate varies, but all are within 0 to 20 percent. Example: If a taxpayer’s total state income taxes are $1,000, and he or she lives in a school district with a 10 percent surtax, the school district surtax is $100.

Products You May Like

Articles You May Like

Top Wall Street analysts are upbeat on these stocks for the long haul
Social Security beneficiaries to soon receive notices revealing the size of their 2025 benefit checks
Stellantis delays Ram electric pickup trucks until 2025
Weekly mortgage demand inched up, despite higher interest rates. Here’s why
Germany’s Thyssenkrupp pops 8% after narrowing net loss and booking $1 billion impairment charge

Leave a Reply

Your email address will not be published. Required fields are marked *