Idaho College Savings Program tax deduction

If you contribute to an IDeal account, you can claim an Idaho income tax deduction of up to $6,000 per year with the filing status of single or head of household or up to $12,000 with the filing status of married filing jointly. You can subtract the contribution from your Idaho taxable income even if you don’t itemize.

Claim the deduction on Idaho Form 39R (for Idaho residents) or Idaho Form 39NR (for nonresidents and part-year Idaho residents). You only get the deduction if you file an Idaho income tax return .

You must contribute on or before December 31 of a calendar year for it to be deductible in that taxable year.

You can’t take the contribution as a federal income tax deduction.

Neither Idaho nor the federal government will tax the amount the account earns while the funds remain in the account .

Contributions to a 529 program that a state other than Idaho administers aren’t eligible for a deduction on the Idaho return.

Gift tax can apply to 529 contributions.