We present results of electron paramagnetic resonance (EPR) and optical spectroscopy on different charge states of the transition metal impurity iron in ZnTe and CdTe. We identify the energy level position of the Fe+ acceptor in ZnTe at Ev + 1.7eV and estimate its position in CdTe. Ionisation transitions from Fe+to the conduction and valence bands ar found in both absorption spectroscopy and photo-EPR. Optical intra-defect tracsitions from Fe+ to crystalfield-split excited states ar resolved for the first time. This assignment to Fe2+ is based on optically detected EPR. Application of both far-infrared Fourier transform and EPR spectroscopy allows the determination of the total iron concentration in all charge states.