Iowa 529 Max Contribution 2024 Income. Governor reynolds has signed a bill into law that raises the maximum tax deduction for contributing to a “college savings iowa” account to $5200. Recent state legislation has increased the tax deduction amount up to $5,500 for contributions to iowa’s two 529 plans, college savings iowa and the iadvisor 529.
529 contribution limits are set by states and range from $235,000 to $575,000. Tax benefits from 529 education savings plans depend on several factors, like annual income and contribution levels, which can be quite different across investors.