BOISE, Idaho (KBOI) — Have you started saving for your child's educational future?
A new social sharing option has made it easy for Idahoans to donate funds to those with an Idaho College Savings Plan.
“Saving for college is something that you don’t have to do on your own,” said Christine Stoll, IDeal executive director.
IDeal is Idaho's state-sponsored 529 college savings program. In 2016, they received more than $1.1 million by initiating a new sharing component.
Account owners can now share their information on social media platforms or by email, making it easier for family or friends to deposit money into the child's account.
And, if the person depositing money is an Idaho taxpayer, their contribution is tax deductible. In order for the gift to be eligible for the tax deduction, they have to be made by Dec. 31 of this year.
IDeal says the total number of IDeal account holders rose statewide by 8 percent in 2015, therefore Idahoans are opening more 529 college savings accounts. Nationwide, it only rose 3.6 percent.