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Idaho College Savings Program (IDeal)
The Idaho College Savings Program (IDeal) is managed by Ascensus College Savings and offers 10 investment options: three age-based options, 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.
- Program typeSavings
- Inception2001, but substantially changed in December 2007
- State agencyIdaho College Savings Program Board
- Tax deduction
- Program ManagerAscensus College Savings
- Program distributorAscensus College Savings
- Manager contract termUNLOCK PRO
Ratings & Rankings
Our overall rating for non-residents
This is a very good program that offers valuable benefits but may have some limitations or concerns that investors need to know.
Each plan's performance score is developed directly from Savingforcollege.com's Quarterly 529 Performance Rankings. A 529 savings plan must have at least one year of performance history before they will be assigned a 5-cap rating. For those plans that are not part of our quarterly performance rankings, such as plans offering a single set of bank-based investment options, we assign a performance score by evaluating the returns currently available on similar types of investments outside of 529 plans.
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
Did you know?
ID residents can claim a tax deduction for contributions to a ID 529 plan.
Contributions are deductible in computing state taxable income
529 plan contributions grow tax-free.
Withdrawals are tax-free when used to pay for qualified higher education expenses.
You can contribute as much as you want, as often as you want.
The key is to get started. Enroll today by completing a quick form online.
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.
Age-based investment options:The Age-Based option is offered in 3 different risk levels (Aggressive, Moderate, and Conservative) each containing 8 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the risk level selected and the number of years to expected enrollment, and later reassigned to more conservative portfolios as the beneficiary approaches college age.View more age-based investment options
Static investment options:Select among 5 multi-fund portfolios, with varying risk tolerances, an interest accumulation portfolio and a savings portfolio.View more static investment options
Underlying investments:Vanguard mutual funds.View a full list of this plan's investment options
Underlying fund allocations:UNLOCK PRO
Portfolio Fees & Performance LookupUNLOCK PRO
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:0.50% program manager fee; 0.34% for Savings Portfolio; fee includes underlying fund expenses and the 0.05% administrative fee to the state
Expenses of the underlying investments:Not applicable, included in the program manager fee.
Total asset-based expense ratio:0.50%; 0.34% for the Savings Portfolio
Taxes and other Benefits
- Tax deduction for single filers$6,000/yr
- Tax deduction for joint filers$12,000/yr
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.
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.
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 expensesThe state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, as well as up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.
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
Does the program have a formal agreement with a rewards program or outside scholarship 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:UNLOCK PRO
Did you know?
Residents are not limited to investing in their own state's 529 plan.
Another state may offer a plan that performs better and has lower fees.
The 529 plan chosen does not affect which state the student enrolls in.
You can live in New York, open a plan from Nevada and send a student to college in Florida.
The best way to maximize your college savings?
Start early and save often. You can get started today with easy online enrollment.