Iowa allows an exclusion of up to $12,000 of pension/retirement account income for taxpayers age 55 and older. When taxpayers file separate tax returns, the $12,000 exclusion might need to be allocated.
Railroad Retirement Benefits are a form of retirement income for people employed by railroads in the United States. Let’s look at how these benefits are taxed.
Tax law in Iowa allows some people who are receiving retirement benefits to avoid taxation on some or all of those benefits. Here’s an overview.