Iowa § 422.6 Income from estates or trusts

Iowa Statutes

§ 422.6 — Income from estates or trusts

Iowa § 422.6

Title XFINANCIAL RESOURCES

Ch. 422INDIVIDUAL INCOME, CORPORATE, AND FRANCHISE TAXES

This text of Iowa § 422.6 (Income from estates or trusts) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 422.6 (2026).

Text

1.The tax imposed by section 422.5 less the amounts of nonrefundable credits allowed underthissubchapterapplytoandareachargeagainstestatesandtrustswithrespecttotheir taxable income, and the rates are the same as those applicable to individuals. The fiduciary shallmakethereturnofincomefortheestateortrustforwhichthefiduciaryacts,whetherthe income is taxable to the estate or trust or to the beneficiaries. However, for tax years ending after August 5, 1997, if the trust is a qualified preneed funeral trust as set forth in section 685 of the Internal Revenue Code and the trustee has elected the special tax treatment under section 685 of the Internal Revenue Code, neither the trust nor the beneficiary is subject to Iowa income tax on income accruing to the trust.

2.The beneficiary of a trust w

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1. The tax imposed by section 422.5 less the amounts of nonrefundable credits allowed
underthissubchapterapplytoandareachargeagainstestatesandtrustswithrespecttotheir
taxable income, and the rates are the same as those applicable to individuals. The fiduciary
shallmakethereturnofincomefortheestateortrustforwhichthefiduciaryacts,whetherthe
income is taxable to the estate or trust or to the beneficiaries. However, for tax years ending
after August 5, 1997, if the trust is a qualified preneed funeral trust as set forth in section
685 of the Internal Revenue Code and the trustee has elected the special tax treatment under
section 685 of the Internal Revenue Code, neither the trust nor the beneficiary is subject to
Iowa income tax on income accruing to the trust.
2. The beneficiary of a trust who receives an accumulation distribution shall be allowed

credit without interest for the Iowa income taxes paid by the trust attributable to the
accumulation distribution in a manner corresponding to the provisions for credit under
the federal income tax relating to accumulation distributions as contained in the Internal
Revenue Code. The trust is not entitled to a refund of taxes paid on the distributions. The
trust shall maintain detailed records to verify the computation of the tax.