State Treasurer of Iowa

2019 Iowa Tax Deduction

Great news! College Savings Iowa’s tax deduction amount has gone up once again for Iowans contributing to their college savings accounts. For 2019, Iowans can deduct up to $3,387 in contributions per beneficiary account from their state taxable income.*

For example, a married couple with two children will be able to deduct up to $13,548 in College Savings Iowa contributions on their 2019 state taxes.* College Savings Iowa account owners who are Iowa taxpayers can deduct their individual contributions to all of the beneficiary accounts they control.

A contributor to College Savings Iowa who is not an Iowa taxpayer may be entitled to a state income tax deduction, depending on the law of the state where he or she lives or pays taxes. Please consult your tax advisor to learn more about your state-based benefits.

*If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. Adjusted  annually for inflation.

 

© 2019 State Treasurer of Iowa. All rights reserved.