This paper reports on the microscopic calculation of ground and excited states Gamow-Teller (GT) strength distributions, both in the electron capture and electron decay direction, for 54,55,56Fe. The associated electron and positron capture rates for these isotopes of iron are also calculated in stellar matter. These calculations were recently introduced and this paper is a follow-up which discusses in detail the GT strength distributions and stellar capture rates of key iron isotopes. The calculations are performed within the framework of the proton-neutron quasiparticle random phase approximation (pn-QRPA) theory. The pn-QRPA theory allows a microscopic state-by-state calculation of GT strength functions and stellar capture rates which greatly increases the reliability of the results. For the first time experimental deformation of nuclei are taken into account. In the core of massive stars isotopes of iron, 54,55,56Fe, are considered to be key players in decreasing the electron-to-baryon ratio (Y e ) mainly via electron capture on these nuclide. The structure of the presupernova star is altered both by the changes in Y e and the entropy of the core material. Results are encouraging and are compared against measurements (where possible) and other calculations. The calculated electron capture rates are in overall good agreement with the shell model results. During the presupernova evolution of massive stars, from oxygen shell burning stages till around end of convective core silicon burning, the calculated electron capture rates on 54Fe are around three times bigger than the corresponding shell model rates. The calculated positron capture rates, however, are suppressed by two to five orders of magnitude.