(The Center Square) – 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 on 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.
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