College Savings Iowa is a 529 plan that lets parents, grandparents, friends and relatives invest for education expenses on behalf of a future scholar. With funds and earnings from a College Savings Iowa account, families can pay for qualified expenses like tuition, room, board, books, supplies and more at any accredited program around the country.* The education institution does not have to be in Iowa and includes colleges, universities, community colleges, trade schools, apprenticeship programs and more.
For 2021, if an Iowa taxpayer is a College Savings Iowa account owner, they can deduct the first $3,474 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 $13,896 (4 x $3,474) on their 2021 Iowa taxes.
Visit our website for more information and to open an account.
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More Information About College Savings Iowa
- Request a speaker for your event by completing the Speaker Request form.
- See how Iowans are saving throughout the state by visiting our Interactive Map.
- Check out the College Savings Iowa Fact Sheet to see total assets, total accounts, amount that's been withdrawn to pay for education and more.
*Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.
**Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income.