J.R. S. answered 09/28/17
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Iron, Fe, has [Ar] 3d6 4s2
In order for Fe to become Fe2+, it loses 2 electrons, and becomes [Ar] 3d6
In order for Fe to become Fe3+, it loses an additional electron, and becomes [Ar 3d5
It does balance the formula in the sense that the charge on the anion must match that on the iron, so, e.g. if you have Fe(II) oxide, it is FeO, but iron(III) oxide is Fe2O3.