This holiday season, contributing to an IDeal account can be a meaningful gift that has a lasting impact. Helping someone save for their future is a powerful way to show you care while supporting whatever educational path comes next.
For the past 25 years, IDeal – Idaho’s 529 Education Savings Program has helped Idahoans save for education with valuable tax benefits, including an Idaho state tax deduction and tax-free growth when funds are used for qualified education expenses.
Since IDeal was created, expanded uses and increased flexibility make the program one that can benefit most families. Savings can be for yourself, a child, a grandchild or any loved one. The expanded uses can cover many education paths – from college to K-12, trade schools, apprenticeships and professional certifications as well as paying back up to $10,000 of student loans.
And savings can be used for more than tuition – think books, room and board, and more. Unused funds can be transferred to a different beneficiary, withdrawn, or rolled into a Roth IRA.
Families across Idaho have shared how IDeal has helped them. Erica Peterson from Eagle wrote:
“In 2016, my uncle Darin sent us $100 — made out directly to IDeal, not to us — along with a set of very specific instructions for how to open it.
What we didn't fully grasp at the time was how far this generosity reached. Darin did this for each of his roughly 33 nieces and nephews, either helping us start our own children's 529s or contributing directly to them. It wasn't a one-time gesture toward our family alone; it was a quiet, deliberate investment in an entire generation, repeated dozens of times, without any fanfare or expectation of recognition.
My parents took notice of what was happening, too, and have since started contributing annual gifts to each of our kids' accounts. Birthdays and holidays now sometimes come with a note that money has been added to "the college fund" instead of another toy. What began as one man's enthusiasm for a smart financial tool became a multi-generational family value.”
This holiday, give a gift that makes their future bright while saving smart too. IDeal is the only 529 plan that offers tax deductions for Idaho taxpayers. Any Idaho taxpayer can claim the state tax deduction for contributions – including gifts. Opening or gifting to an IDeal account is easy – it only takes $25 to start. Go to idsaves.org to learn more.
For more information about the Idaho Education Savings Program (“IDeal”), call 866-433-2533 or visit www.idsaves.org to obtain a Disclosure Statement. The Disclosure Statement discusses investment objectives, risks, charges, expenses, and other important information. Because investing in IDeal is an important decision for you and your family, you should read and consider the Disclosure Statement carefully before investing.
Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds and protection from creditors that are only available for investments in that state’s qualified tuition program.
IDeal is administered by the State College Savings Program Board (“Board”). Ascensus Broker Dealer Services, LLC , the Program Manager, and its affiliates, have overall responsibility for the day-to-day operations, including investment advisory, recordkeeping and administrative services. The Vanguard Group, Inc. (“Vanguard”) serves as Investment Manager for IDeal. Sallie Mae Bank serves as the Savings Portfolio Manager for IDeal. IDeal’s Portfolios invest in either: (i) mutual funds and a separate account offered or managed by Vanguard; or (ii) an FDIC-insured omnibus savings account held in trust by the Board at Sallie Mae Bank. Except for the Savings Portfolio, investments in IDeal are not insured by the FDIC. Units of the Portfolios are municipal securities and the value of units will vary with market conditions. Investment returns will vary depending upon the performance of the Portfolios you choose. Except to the extent of FDIC insurance available for the Savings Portfolio, you could lose all or a portion of your money by investing in IDeal, depending on market conditions. Account Owners assume all investment risks as well as responsibility for any federal and state tax consequences.
NOT FDIC-INSURED (EXCEPT FOR THE SAVINGS PORTFOLIO). NO BANK, STATE OR FEDERAL GUARANTEE. MAY LOSE VALUE