The Iowa Trust Fund Tax Credit is a non-refundable Iowa tax credit that first appeared on 2013 tax returns. This post delves into how the state determines how big the credit is from year to year.
Iowa offers dozens of obscure tax credits. The one I get asked about most is the tax credit available for donations to a “school tuition organization” or STO. Here’s how the Iowa Department of Revenue defines an STO: A school tuition organization must be a charitable organization in Iowa that is exempt from federal taxation […]
The Iowa Adoption Credit is available for Iowans who adopt children. But the rules for how big the deduction is are different from the federal rules.
Iowa now offers an adoption credit on 2014 tax returns. How does it work?
Something new on Iowa tax returns this year is the “Taxpayers Trust Fund Tax Credit.” This credit is $54 for a single taxpayer or $108 total for a married couple. The credit is claimed on Line 64 of the Iowa Form 1040. It’s pretty straightforward, but there are a few quirks: To claim the credit, […]
The Iowa “Tuition and Textbook Credit” is available for required school purchases.
I spent quite a bit of time in December talking about charitable contributions and the deductions that taxpayers can take for those contributions. Today, I’m going to talk about several tax credits that are available for certain charitable contributions made by Iowans. School Tuition Organization Tax Credit Certain donations made to “School Tuition Organizations” may be eligible […]