IDeal: Helping Idahoans save smart for a child’s future

For a quarter century, IDeal, Idaho’s 529 Education Savings Plan, has been helping Idaho families save for education expenses and stretch their education dollars.

• IDeal has paid out $765 million for the education expenses of Idaho families since 2001.

• The program recently reached $1 billion in assets.

But a surprising number of Idahoans still aren’t aware of IDeal or the plan’s flexibility.

Federal changes in recent years have greatly expanded the uses for IDeal accounts, and they can now pay not just for college, but trade school, apprenticeships, professional certifications, limited student loan repayment and K-12 nationwide. The plan can pay for more than just tuition. Qualified expenses include room and board, books, computers, tutoring and more.

Research shows that having an education savings account increases a child’s chance of pursuing their educational dream after high school by seven times.*

When children know that someone cares enough about their future to invest in it, they start believing in their future, too.

Here’s something every Idahoan who wants to save for future education expenses should know: IDeal — Idaho’s 529 Education Savings Plan is the ONLY plan that offers Idaho taxpayers a tax deduction, up to $6,000 for single filers and $12,000 for joint filers.

Idahoans who contribute to an IDeal 529 account can take that tax deduction even if you don’t itemize on your tax return.

Also, Idahoans can qualify for a tax deduction just by gifting to a loved one’s IDeal account — you do not have to be the account owner. It’s a fabulous way for grandparents, aunts, uncles and extended family to support a child’s confidence in their future and give a gift that last not a season, but a lifetime.

Here’s just one story from among dozens that IDeal has received:

"This year, I used a portion of my tax return to invest in college savings accounts for my three daughters. As a single mother working full time in healthcare, preparing to start nursing school this fall and managing an active household, I understand the importance of planning for the future.” —The Barkle Family, Boise.

IDeal accounts are a smart way for Idahoans to save for education for themselves or someone they love. IDeal can be used for a variety of educational purposes, including K-12, and if there is money in the account that isn’t used, you have options, including transferring it to another beneficiary or rolling it into a Roth IRA. IDeal isn’t only for children. Adults can open an IDeal account and use it themselves for continuing education, professional certification or student loan repayment.

Remember: it’s never too late to start saving for the future and every dollar matters. Open an IDeal, Idaho 529 account today. It takes less than ten minutes, and you can start with as little as $25. For more information, visit idsaves.org.

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Dawn Hall is the executive director of IDeal, Idaho’s 529 Education Savings Program. She works to help Idaho families plan for education and build brighter futures through smart, flexible savings options.