529 Plan Info from St. Albert

Posted: 07/26/2018 - by Charlie Narmi

Families, Faculty and Staff, 

There have been several inquiries on the
Iowa 529 Savings Plans.  

Federal Law Change Beginning in 2018, qualified expenses for federal tax benefit purposes include K-12 tuition at public, private or religious schools up to $10,000 per year per student in the aggregate across all qualified tuition programs for a designated beneficiary.

Iowa State Law Change The Iowa Tax Reform legislation signed into law in June 2018 contained provisions related to distributions from an Iowa 529. The tax provisions were retroactive to January 1, 2018. Under the new legislation Iowa taxpayers can use assets in one of the plans under the Iowa Education Savings Plan Trust to pay for K-12 tuition with no Iowa state tax consequences if: • The beneficiary attends an elementary or secondary school in the state of Iowa; • The elementary or secondary school is accredited under Iowa Code Section 256.11; and • The elementary or secondary school adheres to the provisions of the federal Civil Rights Act of 1964 and Iowa Code Chapter 216. State tax treatment of K-12 withdrawals is determined by the state(s) where the taxpayer files state income tax. If you’re not an Iowa taxpayer, please consult with a tax advisor.

Please click here  for more information.  If you have additional questions, please refer to: 

College Savings Iowa: 888.672.9116
IAdvisor 529 Plan: 800-774-5127.

OR: Trish Wilger, Executive Director, Iowa Alliance for Choice in Education,
twilger@iowaace.org, 515.323.0687  
Thank you, 

JoAnn Jensen



JoAnn M.A. Jensen
Director of Enrollment and School Relations
Saint Albert Schools

(P) 712-329-9000 

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