Reminder: $5,500 State Tax Deduction for Iowa Taxpayers
For the 2024 tax year, IA taxpayers may deduct up to $5,500 of 529 contributions per beneficiary per taxpayer from their Iowa taxable income.
Effective January 1, 2024, Account owners may roll money from an IAdvisor 529 Plan account to a Roth IRA for the benefit of the 529 account beneficiary without incurring federal income tax or penalties. Certain conditions apply as referenced in the IAdvisor 529 Plan Secure 2.0 Flyer, and the IRS is expected to issue additional guidance in 2024 that may impact these rollovers.
For the 2024 tax year, IA taxpayers may deduct up to $5,500 of 529 contributions per beneficiary per taxpayer from their Iowa taxable income.
Voya IM announces Tiffani Potesta as its new head of distribution.
Voya Investment Management Chief Executive Officer Christine Hurtsellers announces plans to retire in 2024; Matt Toms, currently Voya Investment Management global chief investment officer, named her successor.
Eric Stein joins Voya Investment Management as head of investments and chief investment officer, fixed income.
Effective January 1, 2024, Account owners may roll money from an IAdvisor 529 Plan account to a Roth IRA for the benefit of the 529 account beneficiary without incurring federal income tax or penalties; however, the transfer would be considered nonqualified for Iowa state tax purposes and would be subject to recapture in most situations (state tax treatment varies). Certain conditions apply as referenced in the IAdvisor 529 Plan Secure 2.0 Flyer, and the IRS is expected to issue additional guidance in 2024 that may impact these rollovers.