Since 1998, Treasurer Fitzgerald has been helping Iowans save for higher education and earn tax breaks at the same time. College Savings Iowa was created in 1998 as Iowa's first 529 plan. It is sold directly to Iowans and people across the country. The IAdvisor 529 Plan was introduced in 2006, and is sold through financial planners. While each plan differs in the investment choices and the method of distribution, both share the same goal - get people saving for education.
For 2022, if an Iowa taxpayer is a College Savings Iowa or IAdvisor 529 Plan account owner, they can deduct the first $3,522 they contribute per beneficiary account from their state taxable income.* For example, married participants who contribute to separate accounts on behalf of their two children can deduct up to $14,088 (4 x $3,522) on their 2022 Iowa taxes.
*Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income.
Iowa's 529 Plans
Using 529 Funds
One of the biggest myths around 529 plans is the funds can only be used for tuition. As part of Treasurer Fitzgerald’s 2022 529 Day initiatives, he set out to debunk this myth. By partnering with Iowa College Aid, he reached out to higher-education institutions around the state to highlight various ways 529 funds can be used. See the Q&As from the participating schools below.
- Faith Baptist Bible College and Theological Seminary (PDF)
- Grand View University (PDF)
- Iowa State University (PDF)
- Luther College (PDF)
- Marshalltown Community College (PDF)
- Western Iowa Tech Community College (PDF)
Learn More About Saving for Education
- Speaker Request Form: Request a speaker for your event.
- Iowa 529 Plans Fact Sheet (PDF): Check out the stats, tax benefits and more for Iowa’s 529 plan accounts.
- K-12 Fact Sheet for Iowans (PDF): Learn about using Iowa’s 529 plans in regards to K-12 tuition.
- SECURE Act Fact Sheet (PDF): Legislation changes in regards to apprenticeship expenses and loan repayments.