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Iowa online Form 1040 (Schedule C): What You Should Know
Tax Form for a single taxpayer is on the IA 1040V; Tax Forms for married filing jointly are on IRS Form 1041. Iowa's Income Eligible for Income Tax Credit is 9,700 for an individual and 18,700 for a married couple filing their taxes jointly. State Income Tax Tables [ETC] This table shows the Iowa income tax tables for 2016. The Tax Cuts and Jobs Act of 2023 (CPFA) changes the Iowa income tax brackets from three to five while raising income limits for the ETC eligibility. New Iowa Income Tax Brackets (2016) [CPFA] A single taxpayer earning up to 50,000 a year will pay 1,650 in income taxes and will have an effective tax rate of 15%. A family of four with two taxpayers earning 50,000 would pay only 3,200. These changes take effect in 2017. Tax Forms to Use If the Tax Cuts and Jobs Act is Not Passed There are a variety of tax forms I find that I use regularly with most Iowa tax situations. My favorites as of now are: 1040 (Form 1040) — I need to complete a tax return for most of my Iowa income related situations and/or need to make a tax payment. This form is a single page with all the information needed from a simple tax return. 1120 — I need to provide a Form 1040 for my spouse, child or dependent(s). 2507 — I have my own income and need to make a Federal income tax (FIT) payment for 2017, my gross income is over the 450 FIT limit and I file a Schedule SE-EZ.
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