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Iowa College Savings Cancellation

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Question
Where do I enter my Iowa college savings cancellation?

Answer

College Savings Iowa or Iowa Advisor 529 Plan: Amounts received from the cancellation of a participation agreement or other non-qualifying withdrawal to the extent the amount was previously deducted on the IA 1040.  Beginning January 1, 2018, qualifying withdrawals may include up to $10,000 per beneficiary per year for tuition expenses of attending an accredited elementary or secondary (K-12) school in Iowa. The $10,000 per-beneficiary cap applies even if the beneficiary receives money from multiple College Savings Iowa or Iowa Advisor 529 Plan accounts.  The $10,000 annual cap does not apply to withdrawals used to pay qualified education expenses related to higher education.


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Article Details
Views: 841 Created on: Jun 15, 2013
Date updated: Dec 17, 2018
Posted in: States, Iowa

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