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Iowa deadlines for first-time homebuyer savings and educational savings plans extended to May 30

Added 05-06-21 01:23:02pm EST - “Owners of Iowa Educational Savings (529) Plans and First-Time Homebuyer Savings Accounts now have until May 30 to take action on their respective accounts for the 2020 tax year.” - Washingtonexaminer.com

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Posted By TheNewsCommenter: From Washingtonexaminer.com: “Iowa deadlines for first-time homebuyer savings and educational savings plans extended to May 30”. Below is an excerpt from the article.

Owners of Iowa Educational Savings (529) Plans and First-Time Homebuyer Savings Accounts now have until May 30 to take action on their respective accounts for the 2020 tax year.

These changes took effect through the new public health disaster emergency proclamation Gov. Kim Reynolds signed April 30.

Prior to the extension, taxpayers could deduct qualifying contributions they made to their Iowa Educational Savings (529) Plans between Jan. 1 and April 30 on their 2020 Iowa income tax returns up until April 30, the typical annual deadline, rather than having to wait until they file 2021’s returns, the Iowa Department of Revenue announced May 4.

“Contributions to College Savings Iowa or the IAdvisor 529 Plan that were previously deducted for Iowa income tax purposes must be included as Iowa income when distributed, unless they are used to pay for qualified education expenses,” the department said on a webpage regarding the 529 plan.

Taxpayers can withdraw up to $10,000 per dependent to pay for K-12 tuition expenses tax-free at an accredited Iowa school, according to the department.

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