Deadline for 2016 529 Savings Plan

December 06, 2016 2:13 PM | Jennifer Mauk (Administrator)

Dear Colleagues and Partners,

 

 

A friendly reminder that Idaho taxpayers who are married and filing jointly can deduct up to $8,000 of their IDeal — Idaho 529 College Savings Program account contributions ($4,000 if single).

* To qualify for the state tax deduction, contributions must be received or post marked by December 31, 2016.

 

Contributions to an IDeal 529 account for a family member or a friend is a very thoughtful gift that has the potential to grow exponentially and any Idaho state tax payer who contributes can take the tax deduction regardless of who owns the account!

 

IDeal accounts offer many benefits, including:

  • ·         Only $25 to start an account
  • ·         Idaho state tax deduction*
  • ·         Ability to use funds at any accredited college in the U.S.
  • ·         Account Owner retains control
  • ·         No annual fee for accounts with an Idaho Account Owner or beneficiary
  • ·         Low management fee of 0.51%

 

Sincerely,

The Idaho College Savings Board

If you’d like to stop receiving e-mails about The IDeal - Idaho College Savings Program, simply send an e-mail to the Idaho College Savings Board at Ideal.Information@sto.idaho.gov with “opt out” in the subject line.

* Idaho taxpayers receive a maximum $4,000 state income tax deduction per individual taxpayer (up to $8,000 if married, filing jointly) from their State adjusted gross income annually for contributions to IDeal. Contributions to IDeal are deductible from Idaho state income tax, subject to recapture in certain circumstances, such as a non-qualified withdrawal or a rollover to another state's qualified tuition program in the year of the rollover and the prior tax year.

For more information about the Idaho College Savings Program (“IDeal”), call 866-433-2533 or visit www.idsaves.org to obtain a Disclosure Statement. The Disclosure Statement discusses investment objectives, risks, charges, expenses, and other important information. Because investing in IDeal is an important decision for you and your family, you should read and consider the Disclosure Statement carefully before investing. Ascensus Broker Dealer Services, Inc. (“ABD”) is Distributor of IDeal.

If you are not an Idaho taxpayer, consider before investing whether your or the beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program.

IDeal is administered by the Idaho College Savings Program Board (“Board”). ABD, the program manager, and its affiliates, have overall responsibility for the day-to-day operations, including investment advisory, recordkeeping and administrative services, and marketing. The Vanguard Group, Inc. (“Vanguard”) serves as Investment Manager for IDeal. Sallie Mae Bank serves as the Savings Portfolio Manager for IDeal. IDeal's Portfolios invest in either: (i) mutual funds offered or managed by Vanguard; or (ii) an FDIC-insured omnibus savings account held in trust by the Board at Sallie Mae Bank. Except for the Savings Portfolio, investments in IDeal are not insured by the FDIC. Units of the Portfolios are municipal securities and the value of units will vary with market conditions.

Investment returns will vary depending upon the performance of the Portfolios you choose. Except to the extent of FDIC insurance available for the Savings Portfolio, you could lose all or a portion of your money by investing in IDeal, depending on market conditions. Account Owners assume all investment risks as well as responsibility for any federal and state tax consequences.


IDeal – Idaho College Savings Program Board
700 West Jefferson St. Ste. 126
Boise, ID 83720


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