Iowa 529 College Savings Plan – College Savings Iowa

Iowa 529 College Savings Plan – College Savings Iowa

Benefits of 529 College Savings PlansAbout: College Savings Iowa is a 529 plan, a tax-advantaged program intended to help an individual or a family pay the costs of higher education. Although sponsored and administered by the Treasurer of the State of Iowa, the plan is available to all U.S. citizens and resident aliens with a valid Social Security or other taxpayer identification number.

Website: https://www.collegesavingsiowa.com/

Phone #: 1-866-433-2533

Investment Options: The Age-Based option is offered in 4 different risk levels (Tracks A, B, C, and D) each containing 4 or 5 portfolios of underlying mutual funds. You can select among 6 multi-fund portfolios (Aggressive Growth, Growth, Moderate Growth, Conservative Growth, Income, and Conservative Income) and 4 individual-fund portfolios (Vanguard Total Bond Market Index Fund, Vanguard Institutional Total Stock Market Index Fund, Vanguard Total International Stock Index Fund and Vanguard Prime Money Market Fund)

Tax Benefits: Contributions to an Iowa 529 plan of up to $3,188 for 2016 per beneficiary by an individual, and up to $6,376 per beneficiary by married taxpayers filing jointly who each make their own contributions, are deductible in computing Iowa taxable income. The maximum deduction increases each year with inflation. Only contributions made by the account owner are deductible. Contribution deadline is December 31 postmark. Iowa residents may elect to treat contributions made through the deadline (excluding extensions) for filing an individual Iowa state income tax return (generally April 30) as having been made in the prior year in order to claim the allowable annual deduction on their Iowa state tax return for the prior year.

State Residency Requirements: No state residency is required to participate in Iowa 529 College Savings Plans.

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