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IDEAL Idaho college savings program reports account growth; staff seeks outreach partners
Summary
Dawn Hall, executive director of the IDEAL Idaho College Savings Program (Idaho's 529 plan), briefed the committee on 2024 performance, program features, employer tax credit participation and recent policy flexibilities including rollovers to Roth IRAs and use for K'12 tuition.
Dawn Hall, executive director of the IDEAL Idaho College Savings Program (Idaho's 529 plan), updated the committee on program growth, recent product features and outreach goals. Hall said the program was created by the Idaho Legislature (enabling statute cited to Title 33, Chapter 54) and noted that state-run 529 plans are governed in part by federal Internal Revenue Code Section 529.
Hall described IDEAL accounts as tax-advantaged education savings vehicles that can be used for K'12 tuition (tuition-only for K'12) and a wide range of postsecondary and career-technical expenses including room and board, books, supplies and required technology. She said Idaho taxpayers may claim an Idaho income tax deduction of up to $6,000 per individual filer or $12,000 for married joint…
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