The Iowa Trust Fund Tax Credit is a non-refundable Iowa tax credit that first appeared on 2013 tax returns. This post delves into how the state determines how big the credit is from year to year.
Image courtesy of user jarmoluk on Pixabay.com Iowa offers dozens of obscure tax credits. The one I get asked about most is the tax credit available for donations to a "school tuition organization" or STO. Here's how the Iowa Department of Revenue defines an STO: A school tuition organization must be a charitable organization [...]
Something new on Iowa tax returns this year is the "Taxpayers Trust Fund Tax Credit." This credit is $54 for a single taxpayer or $108 total for a married couple. The credit is claimed on Line 64 of the Iowa Form 1040. It's pretty straightforward, but there are a few quirks: To claim the credit, you [...]