If the end of the year came up too fast and you didn’t put any money in your child’s College Savings Iowa account, you can still do so and get a break when you file your state taxes. State Treasurer Michael Fitzgerald says the rules that required you to get the contributions to the state program by the end of the year have changed…
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You don’t have to have an existing account to take advantage of the tax break. Fitzgerald says you can open a new account before the May 2nd deadline and deduct whatever you put in on your 2015 taxes…
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The maximum tax break for 2015 is three-thousand-163 dollars. Fitzgerald says you can double that if both parents have an account for their kids.
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The maximum amount you can deduct is adjusted each year based on inflation — so you will be able to deduct a little more from your 2016 taxes.