![]() ![]() This credit is nonrefundable, but can be carried forward for five years. Additionally, an Authorized Food Organization Receipt must be received from the food organization at the time of donation. To be eligible for this credit, the food commodity must meet requirements set by the Federal Emergency Food Assistance Program. If you produce a food commodity and donate it to an Iowa food bank or organization providing emergency meals, you can claim a tax credit worth either $5,000 or 15% of the value of the food you donated during the tax year, whichever is less. This credit is nonrefundable and doesn’t carry forward. If you’re considering claiming this credit, a supervisor, such as a fire chief or chief of police, must provide a written statement verifying the number of months you volunteered. The total credit amount you’ll receive is prorated based on the number of months you volunteered during the calendar year. Qualified volunteer firefighters, EMS personnel and reserve peace officers can claim a tax credit worth up to $250 in honor of their service. Volunteer Firefighter and Emergency Medical Services Personnel and Reserve Peace Officer Tax Credit The credit is worth 25% of your total allowable expenses, up to a maximum of $2,000. Covered expenses can include tuition, mandatory dues and fees, textbooks, and other required school supplies.įor couples who file separately, the credit must be taken by the parent claiming the child as a dependent. You may be eligible for a tax credit toward tuition and other school-related expenses for a dependent in kindergarten through 12th grade. ![]() Iowa State Income Tax Credits Tuition and Textbook Tax Credit Iowa offers the opportunity to deduct a few other expenses on your tax return, including: the costs of caring for a disabled relative car mileage for charitable purposes and adoption expenses. That said, “gambling losses” refers only to losses from wagering, not to any business expenses related to gambling as a trade or business. ![]() Gambling LossesĪny gambling losses may be deducted to the extent of your gambling winnings. However, you must attach federal Form 4684, Casualty and Thefts to your Iowa return. You can deduct casualty and theft losses to the extent reported on your federal return. Iowa’s income taxes aren’t deductible on an Iowa return, but taxes withheld or paid to other state and local taxing authorities are eligible. The $10,000 ($5,000 if married filing separately) federal cap on the deduction for state and local taxes doesn’t apply in Iowa, which means you can deduct all eligible state and local taxes you’ve paid. There are quite a few deductions available, including: Taxes You Paid Iowa allows you to itemize deductions, even if you choose not to itemize them on your federal tax return. Married filing jointly, head of household, or qualifying widow(er): $5,240.Married filing separately (on both separate and combined returns): $2,130 for each spouse.Notably, in Iowa the standard deduction doesn’t allow you to take an additional charitable contribution deduction, as you can on your federal return.įor the 2021 tax year, Iowa’s standard deduction amounts are: Iowa has its own standard deduction, and the amount you can deduct depends on your filing status. ![]() Income Tax Deductions for Iowa Standard Deduction Here is a list of our partners who offer products that we have affiliate links for. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers' offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers' offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. ![]()
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