Iowa Tax Changes

Governor Reynolds signed Iowa’s tax reform bill into law in May with the intent to modernize and simply Iowa income tax law. Changes in the law are set to phase-in over time and some hinge on the State meeting revenue projections before going into effect. Key provisions effective in 2018 include tax-free withdraws up to $10,000 per beneficiary to pay for k-12 tuition expenses at accredited schools and a deduction of up to $100,000 for distributions from an individual retirement account that are sent to qualified charities if the taxpayer is over 70 1⁄2 years of age. These laws coupled with others that will become effective in 2019 make Iowa tax law more consistent with Federal tax law. Ad

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