State sets standard deductions, interest rate for overdue taxes

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The Iowa Department of Revenue set the 2017 interest rate for overdue taxes and refunds at 5 percent. The monthly interest rate will be 0.4 percent. The annual interest rate is based on the average prime rate charged by banks on short-term business loans over the past year. The department also set the standard deduction for single taxpayers or married taxpayers filing separately at $2,000. The 2017 standard deduction for married filing jointly taxpayers will be $4,920.