How does the state income tax deduction work for IDeal?
The State income tax deduction is available only to Idaho taxpayers. Currently, Idaho taxpayers receive a maximum $4,000 income tax deduction per individual taxpayer ($8,000 married filing jointly) from their State adjusted gross income annually for contributions to IDeal.* To take advantage of this income tax deduction for a particular year, your contribution needs to be postmarked by December 31 of that year. * You will be required to include the entire amount of a non-qualified distribution in your Idaho taxable income. You will be required to include the amount of a transfer to another state’s 529 plan in your Idaho taxable income up to the amount of your total contributions to your IDeal account in the twelve (12) months preceding the date of the rollover.
Related Questions
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