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Access the digital replica of USA TODAY and more than 200 local newspapers with your subscription. Here's how the rates will change: 2023: The top rate will lower to 6%, giving a tax cut to Iowans making $75,000 or more. 2024: The top rate will lower to 5.7%, giving a tax cut to Iowans making $30,000 or more.
Who is Required to File? Almost everyone must file a state income tax return in Iowa, including: Residents with at least $9,000 in net income for individuals or $13,500 for married taxpayers. Part-year residents (for the part of the year they resided in Iowa)
By: Robin Opsahl - March 15, 2023 pm. The Senate Ways and Means committee advanced legislation Wednesday to reduce and eventually eliminate Iowa's income tax. Changes to Iowa's income tax rates are already underway through laws signed in 2018 and 2022, moving to a single rate of 3.9% by 2026.
Standard deduction increase: For tax year 2023, the standard deduction increased to $13,850 for single filers and $27,700 for married couples filing jointly. Tax brackets increase: Income tax brackets went up in 2023 to account for inflation.
Looking to the new year, the 2023 IRS standard deduction for seniors is $13,850 for those filing single or married filing separately, $27,700 for qualifying widows or married filing jointly, and $20,800 for a head of household.
Year-End Gift and Estate Tax Planning: Gift/Estate Tax Exemption: Starting in 2023, each U.S. citizen can take advantage of a lifetime exemption of $12.92 million to protect transfers from estate and gift tax. The tax rate for these transfers is 40%. For married couples, the exemption is doubled to $25.84 million.
511.8 Investment of funds. A company organized under chapter 508 shall, at all times, have invested in the securities provided in this section, funds equivalent to its legal reserve. Legal reserve is the net present value of all outstanding policies and contracts involving life contingencies.
2023: The top rate will lower to 6%, giving a tax cut to Iowans making $75,000 or more. 2024: The top rate will lower to 5.7%, giving a tax cut to Iowans making $30,000 or more. 2025: The top rate will lower to 4.82%, giving a tax cut to those making $6,000 or more.