DES MOINES, Iowa (AP) — Iowa House Republicans on Monday proposed eliminating retirement income taxes, a move that would cost the state about $2 billion in revenue over the first six years.
DES MOINES, Iowa (AP) — Iowa House Republicans are proposing eliminating retirement income taxes in a move that would cost the state about $2 billion in revenue over the first six years. Rep. Gary Mohr, chairman of the House Appropriations Committee, says Monday that the proposal is part o...
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1, 2023, that establishes a flat 3.9% personal income tax rate for Iowans, eliminates state income tax on retirement income, and exempts some net capital gains on company stock awarded to employees. Those in the Iowa Poll liked the personal income tax cut, with 54% saying they approved and...
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Warshawsky said many other states exclude assets that should be fair game for recovery, including tax-exempt retirement accounts, such as 401(k)s. Those accounts make up the bulk of many seniors' assets, he said, and people should tap the balances to pay for health care before leaning on ...
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Now, there are a few options for what happens to the money. If the spouse receiving the money takes it as a regular dispersal, they can do whatever they want with it — but will have to pay regular income tax on it. It can also berolled into another retirement account. Sometimes the...
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