Several changes are taking effect the first of this year from legislature enacted in 2022 or earlier. Below are a few of the items that are now in effect in our area.
Iowa changes
Some of the legislation taking effect this year includes the tax exemption for retirement income payments, including IPERS benefits, 401k, IRAs and such from being taxed by the state as personal income for individuals who are 55 years of age or older or who are disabled and provides the same exclusion to surviving spouses or other qualifying survivors. Retired farmers with lease income also hold to this exception and will be exempt from personal income tax on those payments. This does not necessarily apply for lump-sum payments over $6,000. For details, consult your tax preparer or financial advisor.
State-wide income tax will be a flat rate of six percent or less, based on income guidelines, this year, on its path to 3.9 percent in 2026. Capital gains exclusions will be in effect for the sale of qualified stocks at a 33 percent reduction of value leading up to the complete exclusion of capital stock sales as taxable capital gains by 2025. This year also begins qualified farmland/production sales exclusion from taxable capital gains. For details, consult a tax preparer or financial advisor.
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