Iowa DOR Announces 2023 Individual Income Tax Brackets, Interest Rates, Standard Deductions

The Iowa Department of Revenue Nov. 21 issued information about individual income tax brackets, interest rates for overdue payments, and standard deductions for the 2023 tax year. The announcement includes: 1) the interest rate for taxpayers with overdue payments is 6 percent annually, 0.5 percent monthly, and 0.016438 percent daily, starting Jan. 1, 2023; 2) the tax year 2023 income tax brackets for married taxpayers filing jointly and for all other taxpayers; and 3) the tax rates applicable to different income brackets. The announcement also mentions that the standard deduction will be eliminated beginning with tax year 2023. [Iowa Dep’t ...