If you are one of the millions of taxpayers who will receive a refund from the IRS or our state this tax season, you probably already are thinking of how to use that money - treat yourself to a nice meal, take a trip, buy a new smartphone, etc.
But what if you viewed your refund as an opportunity to save, rather than spend? Before that refund check hits your bank account, you can earmark it as a contribution to your College Savings Iowa account. So instead of spending your refund, you can invest it in something of lasting value - a loved one's future. Plus, if you are an Iowa taxpayer, you turn this year's refund into next year's state tax deduction.*
Making a lump-sum contribution to your College Savings Iowa account through an electronic bank transfer is quick and easy. Simply follow these steps:
- Log on to your account at CollegeSavingsIowa.com.
- Select the account you wish to act on.
- Choose Asset Management.
- Select Make a Contribution and follow the remaining instructions.
*If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. Adjusted annually for inflation.