Treasurer Smith Reminds Iowans of 2022 State Tax Deduction Deadline
State Treasurer Roby Smith is reminding Iowans there is still time to contribute to their College Savings Iowa 529 account and deduct those contributions from their 2022 state taxes. “An added benefit for Iowa taxpayers is the state income tax deduction. If you want to maximize your $3,522 Iowa state tax deduction for each plan beneficiary on your 2022 taxes, the deadline for contributions is May 1, 2023,” stated Smith.
Whether you’re looking to open a 529 account or you already own at least one, College Savings Iowa can help you save for future education costs while also taking advantage of tax benefits. “I want to ensure Iowa taxpayers make the most of the tax deduction available to them,” Smith continued. “Taking a moment to double check and maximize your contributions for 2022 is a win for both you and the future scholar in your life.” Additional tax benefits for all participants include tax-deferred earnings and tax-free qualified withdrawals.
College Savings Iowa is the State’s direct-sold 529 plan and helps families save for the costs of higher education on a tax-advantaged basis. Funds in an account can be used for tuition, room and board, books, computers, supplies and other qualified education-related expenses. The student you’re saving for can attend any eligible education institution, including two- and four-year colleges, apprenticeship programs and trade schools.
For more information about College Savings Iowa, call (888) 672-9116 or visit CollegeSavingsIowa.com. Connect with the Plan on Facebook and Twitter to say up-to-date on current events and Plan updates. For additional details about the Plan, read the Program Description.