Iowa Income Tax Guide for 2024
Overview
Iowa uses a progressive income tax system with rates ranging from 4.4% to 6%. Capital gains are taxed as ordinary income. The state offers a standard deduction of $2,250 for single filers, personal exemptions of $40, and dependent exemptions of $40.
Income Tax Rates
Single Filers
| Income Range | Tax Rate |
|---|---|
| Up to $5,999 | 4.4% |
| $6,000 - $29,999 | 4.82% |
| $30,000 - $74,999 | 5.7% |
| $75,000+ | 6% |
Married Filing Jointly
| Income Range | Tax Rate |
|---|---|
| Up to $5,999 | 4.4% |
| $6,000 - $29,999 | 4.82% |
| $30,000 - $74,999 | 5.7% |
| $75,000+ | 6% |
Capital Gains Tax
Capital gains are taxed at the same rates as ordinary income.
Deductions & Exemptions
| Type | Amount |
|---|---|
| Standard Deduction (Single) | $2,250 |
| Standard Deduction (Married Filing Jointly) | $5,540 |
| Personal Exemption (Single) | $40 |
| Personal Exemption (Married) | $80 |
| Dependent Exemption | $40 |
Additional Information
- Military retirement pay fully exempt
Charts
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