Iowa ~ Corporate, Personal Income Taxes: Guidance on Federal Extenders for 2012 Issued

The Iowa Department of Revenue has released information regarding the effect of the federal extenders included in the recently passed fiscal cliff legislation on Iowa corporate and personal income taxpayers. The department reminds taxpayers that the extenders are not currently reflected on Iowa tax forms for 2012 and that they will require approval by the Iowa Legislature before being allowed for Iowa tax purposes. The federal extender provisions include:

  • educator expenses (Line 24; IA 1040);
  • tuition and fees (Line 24; IA 1040);
  • itemized deduction for state sales/use tax paid (Line 4; IA Schedule A);
  • treatment of mortgage insurance premiums as qualified residence interest (Line 11, schedule A); and
  • federal Sec. 179 expensing limit of $500,000 for 2012 and 2013.

If the Legislature approves the extenders, Iowa online tax forms will be updated accordingly.

News , Iowa Department of Revenue, January 2, 2013


Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting