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Living trusts in Iowa An Iowa living trust is created by the grantor. The grantor transfers ownership of his assets into the trust. A trustee must be named, who is responsible for managing the assets for the benefit of the grantor. It is common to name yourself as trustee so you are in complete control.

The Iowa Trust and Estate rates are the same as individual tax rates, with the rate ranging from . 36% to 8.98% for taxable income over $71,910. The rate schedule for trusts and estates are the same as for single individuals. Iowa does not have a special capital gains tax rate.

On , Governor Reynolds signed House File 352 which creates a voluntary election for a partnership or S corporation to be subject to Iowa income tax at the entity level. This is referred to as the Pass-Through Entity Tax (PTET).

While it is sometimes necessary in Iowa to file a form indicating the value of the assets in a trust, an itemization is not required. The names of the beneficiaries are not released, nor are the terms of the trust. A revocable living trust protects you should you become mentally incapacitated.

Decedent's Estate The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic estate that has: 1. Gross income for the tax year of $600 or more; 2. A beneficiary who is a nonresident alien; or 3.

The fiduciary (or one of the fiduciaries) must file Form 541 for a trust if any of the following apply: Gross income for the taxable year of more than $10,000 (regardless of the amount of net income) Net income for the taxable year of more than $100. An alternative minimum tax liability.

You also must file an Iowa return IF: For information about military spouses, see Military Spouses Residency Relief Act. You were subject to Iowa lump-sum tax. You were a nonresident or part-year resident and your net income from Iowa sources was $1,000 or more, unless below the income thresholds above.

Pass-through entities required to file a tax year 2023 short-year return before the 2023 Iowa tax forms become available are also eligible to make a 2023 PTET election using the 2022 PTET form on GovConnectIowa.

through entity will not incur any penalty for underpayment of estimated tax on its tax year 2022 PTET election. Estimated PTET payments are required for tax year 2023 only if the electing entity's 2023 tax year begins between , and December 31, 2023.