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  1. A qualified tuition program (QTP), also referred to as a section 529 plan, is a program established and maintained by a state, or an agency or instrumentality of a state, that allows a contributor either to prepay a beneficiary's qualified higher education expenses at an eligible educational institution or to contribute to an account for paying ...

    • Form 1099-Q

      Information about Form 1099-Q, Payments from Qualified...

  2. www.iowatreasurer.gov › for-citizens › saving-for-collegeISave 529 | iowatreasurer.gov

    With funds and earnings from an ISave 529 account, families can pay for qualified expenses like tuition, room, board, books, supplies and more at any eligible education institution around the country.

  3. Iowa 529 Plans Fact Sheet (PDF): Check out the stats, tax benefits and more for Iowas 529 plan accounts. 529 Roth IRA Rollovers: If you have leftover funds in your 529 account, you may be able to roll the money over to your Beneficiary’s Roth IRA.

  4. 14 Ιαν 2021 · What are the potential Iowa income tax benefits of a 529 account? All of your College Savings Iowa 529 account earnings are exempt from Iowa state income tax. Iowa taxpayers can deduct up to $3,474 in contributions per beneficiary (student) account from their adjusted gross income for 2021. The contribution deduction amount changes yearly.

  5. Qualified Expenses. Pay for more than just tuition. Your account can be used for any purpose. However, for your withdrawals to be considered federally tax-free, the money must be used for qualified education expenses.

  6. Iowa Income Tax Deduction. If you are an Account Owner and also an Iowa taxpayer, you can deduct up to $5,500 of your contributions per Beneficiary account, including rollovers, from your Iowa income taxes in 2024.

  7. 3 Μαΐ 2023 · To properly document a qualified expense paid for with a 529 savings account, you should save all receipts, bills, and other documentation related to what the funds are being used for. I suggest keeping a spreadsheet (Google Sheets for the win) of all withdrawals, and how the funds were used.