2007-2024 Form

Instructions and help about Iowa State Tax Information

okay for this video i wanted to go over the iowa state earned income tax credit so we're all very familiar with the federal earned income tax credit which is reported on your form 1040. this is a credit that is available to all u.s taxpayers that have income within the qualifying thresholds or qualifying children and in this example we have john q taxpayer who is a single filer and he has no qualifying children but given his income level he's going to be eligible at the federal level and iowa state level so iowa like approximately 30 other states have their own version of the state earned income tax credit and it's generally calculated as a percentage of the federal amount so the first step is always to compute the federal amount of your earned income tax credit and then you go down to the state return to compute the state portion so in this example we've got john q taxpayer again he's a single filer you'll see here no dependent so he doesn't have any qualifying children however given