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Idaho College Savings Program (IDeal)

4 / 5

Our rating

Good ID resident benefits

ID resident benefits

The Idaho College Savings Program (IDeal) is managed by Ascensus College Savings and offers 10 investment options: twelve target enrollment portfolios, six fixed portfolios using Vanguard mutual funds, and a Savings Portfolio invested in the Sallie Mae High-Yield Savings Account. Accounts can be linked to the Upromise rewards service.

Idaho College Savings Program (IDeal)High Honors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2001, but substantially changed in December 2007

State agency

Idaho College Savings Program Board

Tax deduction

For single filers: $6,000/yr per beneficiary

For joint filers: $12,000/yr per beneficiary

Program manager

Ascensus College Savings

Program distributor

Ascensus College Savings

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and resident aliens at least 18 years old, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Idaho's 529 plan for the same beneficiary reach $500,000.

Minimum contributions:

$25, or $15 per pay period via payroll deduction.

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers a robust gifting platform that allows gift-givers to save their own profile for recurring or future contributions.

SPONSORED

Other great plans to consider

You are not limited to your own state's 529 plan, so compare the plan and tax benefits offered by your state to other options. Here are some plans that are available to residents of any state and have earned awards in our 529 Plan Ratings:

Investment Options

Investors in Idaho College Savings Program (IDeal) can select from the following investment options. Click on a portfolio name for more information.

The Year of Enrollment option contains 12 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the anticipated year of college enrollment, and reassigned to the College Portfolio upon reaching that year.
PortfolioE.R. % Equity1yr performance
Target Enrollment 2040/2041 Portfolio0.36%95%6.66%
Target Enrollment 2038/2039 Portfolio0.36%87%6.48%
Target Enrollment 2036/2037 Portfolio0.36%77%6.31%
Target Enrollment 2034/2035 Portfolio0.36%65%6.09%
Target Enrollment 2032/2033 Portfolio0.36%55%5.76%
Target Enrollment 2030/2031 Portfolio0.36%47%5.64%
Target Enrollment 2028/2029 Portfolio0.36%30.33%5.06%
Target Enrollment 2026/2027 Portfolio0.36%21.27%4.55%
Target Enrollment 2024/2025 Portfolio0.36%17.4%4.36%
Target Enrollment 2022/2023 Portfolio0.36%13.53%4.08%
Commencement Portfolio0.36%11.6%3.97%
Target Enrollment 2042/2043 Portfolio0.36%95%6.29%

Age-based/Enrollment Year investment options:

The Year of Enrollment option contains 12 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the anticipated year of college enrollment, and reassigned to the College Portfolio upon reaching that year.

Static investment options:

Select among 5 multi-fund portfolios, with varying risk tolerances, an interest accumulation portfolio and a savings portfolio.

Underlying investments:

Vanguard mutual funds, Sallie Mae

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

$20 annually unless either the account owner or beneficiary is a resident of Idaho.

Program management fees:

0.27% to 0.28% program manager fee; 0.29% for Savings Portfolio; plus 0.05% administrative fee to the state

Expenses of the underlying investments:

Not applicable, 0.02% - 0.04% and none for the Savings Portfolio

Total asset-based expense ratio:

0.34% - 0.36%.

Taxes and other Benefits

Tax deduction for single filers:

$6,000/yr per beneficiary

Tax deduction for joint filers:

$12,000/yr per beneficiary

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions to the Idaho 529 plan of up to $6,000 per year by an individual, and up to $12,000 per year by a married couple filing jointly, are deductible in computing Idaho taxable income.

Idaho employers who make direct contributions to their employees' IDeal accounts benefit from a 20% state tax credit. The credit is capped at $500 per employee, per year.

Calculate your Idaho 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a Idaho 529 plan.

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

The entire amount of non-qualified distributions must be included in Idaho taxable income. Outbound rollovers by Idaho taxpayers must be included in Idaho taxable income to the extent of amounts deducted on the Idaho return for the current year and for the prior year, effective January 1, 2008.

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense for state income tax purposes. .

State tax treatment of qualified distributions:

Qualified distributions from Idaho and non-Idaho 529 plans are exempt.

State tax treatment of rollovers:

Outbound rollovers by Idaho taxpayers must be included in Idaho taxable income to the extent of contributions made during the 12 months prior to the rollover, effective January 1, 2008.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

No

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

http://www.idsaves.org

Telephone:

1-866-433-2533

Twitter

https://twitter.com/IDealIdaho529

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