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Recently
enacted federal legislation included provisions for what are commonly referred
to as the federal “extenders.” The
federal extender provisions include:
- Educator Expenses Deduction
- Tuition and Fees Deduction
- Itemized Deduction for State
Sales/Use Tax Paid
- Treatment of mortgage insurance
premiums as qualified residence interest
The
federal extenders are not currently reflected on 2015 Iowa tax forms and will
require approval by the Iowa legislature before being allowed for Iowa tax
purposes. Should legislative approval be given, Iowa online forms will be
updated accordingly.
Currently,
Iowa is only coupled with the Internal Revenue Code in effect on January 1,
2015. That does not include any federal law changes made in
2015.
Iowa
income tax returns must be filed based upon current Iowa law. Therefore, the
extenders should not be included on Iowa returns at this time. Taxpayers impacted by the extenders or other
2015 federal law changes may wish to delay filing Iowa returns until legislative
action occurs. The Iowa legislative
session begins January 11, 2016.
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