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The Iowa Department of Revenue is issuing updated income tax withholding formulas and tables for 2023. The Department updates withholding formulas and tables each year to account for inflation and for changes in individual income tax liability resulting from changes in Iowa law.
Des Moines, Iowa – The Iowa Department of Revenue announces individual income tax brackets and individual income tax standard deduction amounts for the 2023 tax year (applicable for taxes due in 2024) and the 2023 interest rate, which the agency charges for overdue payments.
The Iowa Department of Revenue has reorganized its administrative rules under Chapter 701 of the Iowa Administrative Code as of November 2, 2022. The Department completed this renumbering to allow it to reorganize the rules by related tax topics and to leave space in the Titles related to specific tax types for future expansion, as needed.