A friendly reminder that Idaho taxpayers who are married and filing jointly can deduct up to $12,000 of their IDeal — Idaho College Savings Program account contributions or gifts to accounts ($6,000 if single).
* To qualify, contributions must be received or post marked by December 31, 2017.
Contributions to an IDeal 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:
- · Idaho state tax deduction*
- · Ability to use funds at technical, 2-year,4-year and graduate schools worldwide**
- · Account Owner retains control
- · Payroll direct deposit available
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 firstname.lastname@example.org with “opt out” in the subject line.
* Idaho taxpayers receive a maximum $6,000 state income tax deduction per individual taxpayer (up to $12,000 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.
**higher education institutions must be accredited by the U.S. Department of Education
Important Legal Information
For more information about IDeal - Idaho College Savings Program ("IDeal"), call 866-433-2533 or click here 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.
Please Note: Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. You should also consult your financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state’s 529 college savings plan(s), or any other 529 plan, to learn more about those plans’ features, benefits, and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.
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.
Not FDIC-Insured (except for the Savings Portfolio). No Bank, State or Federal Guarantee. May lose value.
IDeal – Idaho College Savings Program Board
700 West Jefferson St. Ste. 126
Boise, ID 83720