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Details:
• At the time of printing, Iowa has not adopted federal Internal Revenue Code changes regarding the determination of income that occurred after
January 1, 2011.
• Line 14: Iowa has not coupled with the 100% bonus depreciation provisions for 2011. The section 179 limit for Iowa for 2011 is $500,000.
• Line 24: Deductions are available for educator expenses for out-of-pocket expenses and the tuition and fees deduction claimed on the 2011
federal return.
• Line 24: Members of the armed forces, armed forces military reserve and the national guard in an active duty status can exclude pay received
from the federal government for military service performed.
• Line 24: Taxpayers who elect not to amend their 2010 return for educator expenses for out-of-pocket expenses, tuition and fees deduction, or
section 179 expensing can claim these deductions for 2011.
• Line 24: Do not include any deduction for the small business health insurance tax credit that was not allowed as a deduction on the federal return.
• Schedule A: You can elect either the itemized deduction for state income taxes (other than Iowa) or the deduction for state sales/use tax. The
deduction for state sales/use tax is only available if you deducted state sales/use tax as an itemized deduction on the federal return.
• Tax rate and Table is updated.
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