Current 2021 tax brackets code#
Indexation of the standard deductions is covered in Iowa Code sections 422.9 and 422.21. These tax features are determined each year by applying inflation factors to, or “indexing,” the previous year’s amounts. Iowa law provides for the indexation of individual income tax brackets and standard deduction amounts. Tax year 2022 income tax brackets are shown in the table below.
$2,210 for married taxpayers filing separately.The tax year 2022 individual income tax standard deductions are: Individual Income Tax Standard Deductions The daily rate for 2022 is the annual rate divided by 365. The monthly rate is the annual rate divided by 12, rounded to the nearest one-tenth of a percentage point. Adding two percentage points results in the annual Department rate of 5.0 percent. Rounded to the nearest whole percent, this average is 3.0 percent. The prime rate averaged 3.25 percent over the past twelve months. Iowa law requires that this average be rounded to the nearest whole percent and two percentage points to be added to it. The annual rate is based on the average monthly prime rate during the preceding twelve month period, October through September. Iowa Code Section 421.7 specifies the procedures for calculating the Department’s annual and monthly interest rates.
Starting January 1, 2022, the interest rate for taxpayers with overdue payments will be: Des Moines, Iowa – The Iowa Department of Revenue has finalized individual income tax brackets and individual income tax standard deduction amounts for the 2022 tax year (applicable for taxes due in 2023) and the 2022 interest rate, which the agency charges for overdue payments.
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