College Savings Iowa, a Vanguard-managed 529 savings program features four different tracks in its age-based option along with ten static portfolios, all utilizing Vanguard funds. Accounts can be linked to the Upromise rewards service.
- Summary: College Savings Iowa, a Vanguard-managed 529 savings program features four different tracks in its age-based option along with ten static portfolios, all utilizing Vanguard funds. Accounts can be linked to the Upromise rewards service.
- Program type: Savings
- Program manager: State Treasurer of Iowa, Ascensus College Savings, and The Vanguard Group
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Iowa's 529 plans for the same beneficiary reach $320,000.
- Minimum contributions: $25, or $15 per pay period via payroll deduction.
- Age-based investment options: The Age-Based option is offered in 4 different risk levels (Tracks A, B, C, and D) each containing 4 or 5 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the risk level selected and the age of the beneficiary, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
- Static investment options: Select among 6 multi-fund portfolios (Aggressive Growth, Growth, Moderate Growth, Conservative Growth, Income, and Conservative Income) and 4 individual-fund portfolios (Vanguard Total Bond Market Index Fund, Vanguard Institutional Total Stock Market Index Fund, Vanguard Total International Stock Index Fund and Vanguard Prime Money Market Fund)
- Underlying investments: Vanguard mutual funds.
- Enrollment or application fee: None.
- Account maintenance fee: None.
- Program management fees: 0.26% manager fee; fee includes underlying fund expenses.
- Expenses of the underlying investments: Not applicable, included in the program management fee.
- Total asset-based expense ratio: 0.26%
- Program match on contributions: None.
- State tax deduction or credit for contributions: Contributions to an Iowa 529 plan of up to $3,188 for 2016 per beneficiary by an individual, and up to $6,376 per beneficiary by married taxpayers filing jointly who each make their own contributions, are deductible in computing Iowa taxable income. The maximum deduction increases each year with inflation. Only contributions made by the account owner are deductible. Contribution deadline is December 31 postmark. Iowa residents may elect to treat contributions made through the deadline (excluding extensions) for filing an individual
Iowa state income tax return (generally April 30) as having been made in the prior year in order to claim the allowable annual deducti on their Iowa state tax return for the prior year.
- Web site: Click here to visit
- Telephone: 1-888-672-9116
- Twitter iowa529plan