Today’s MYGA Rates Available in Iowa
Multi-year guaranteed annuity (MYGA) rates change frequently and availability varies by state. Rather than show a snapshot that goes stale, we maintain a live comparison of 2,400+ products from 60+ carriers, updated from industry rate feeds.
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See Today’s Rates →How Iowa taxes annuity income
Iowa is now one of the most retirement-tax-friendly states with an income tax — but the rules depend on annuity type and your age:
- Age 55 and older — qualified annuities: distributions from qualified plans (IRAs, 401(k)s, 403(b)s, pensions, and annuities under IRC §402(a)) are fully exempt from Iowa income tax, with no dollar cap, under Iowa's retirement income exclusion (effective January 1, 2023).
- Non-qualified annuities: the Iowa Department of Revenue has clarified that non-qualified annuities do not qualify for the retirement income exclusion. Their taxable earnings are taxed as ordinary income at Iowa's flat rate (3.8% for 2025).
- Under age 55: the exclusion generally does not apply (exceptions exist for disability and certain survivors).
Iowa does not tax Social Security benefits at any age. The practical takeaway: an Iowa retiree 55+ taking income from an IRA-funded annuity owes zero Iowa tax; a non-qualified annuity owner pays the flat rate on earnings.
Source: Iowa Department of Revenue — Retirement Income Tax Guidance
Iowa Annuity Regulations
Free Look Period: At least 10 days; see your contract's cover page
Iowa annuity contracts include a free look period — a window after delivery during which you may return the contract for a full refund with no surrender charges. The minimum period is at least 10 days for most contracts, with the exact terms stated on your contract's cover page.
Carriers may offer longer periods than the state minimum. Confirm current requirements with the Iowa Insurance Division.
Best Interest Standard: Adopted — effective January 1, 2021 (among the first states)
Iowa was among the very first states to adopt the NAIC's 2020 best-interest revisions, effective January 1, 2021 (Iowa Admin. Code r. 191-15.72–15.78). A producer recommending an annuity must act in the consumer's best interest — satisfying care, disclosure, conflict-of-interest, and documentation obligations — and may not place their own financial interest ahead of the consumer's. Producers must complete a 4-hour best-interest training course before selling annuities, and insurers must maintain supervision systems.
Source: Iowa Admin. Code r. 191-15.72–15.78 — Iowa Insurance Division
Replacement Rules
Iowa requires consumer protections when an existing annuity or life insurance policy is replaced:
- A written replacement notice identifying the contracts being replaced and disclosing surrender charges, benefits, and features being given up.
- Notification to the existing insurer.
- A documented best-interest basis for the recommendation under Iowa's standard of conduct — Iowa's early adoption reflects an active regulatory posture on annuity sales practices.
