DES MOINES, Iowa – Eighty-nine percent of the children surveyed at the College Savings Iowa annual Iowa State Fair survey believe a college education is a necessary step to achieving their dreams and career aspirations. “Iowa children are already thinking about their futures,” State Treasurer Michael L. Fitzgerald stated. “Every year, this survey reaffirms how important it is for families to start planning and saving early to help make college a reality for their children.”
“This year, more than 1,250 kids visiting the fair completed our survey to tell us what they want to be when they grow up and if they will need to go to college to achieve these goals,” Fitzgerald said. “Needless to say, we are always amazed by the responses they offer.” Twenty-three percent are planning on becoming veterinarians, with another 18% hoping to become athletes. Teacher came in third this year with 13% of the responses.
“According to the survey, almost 55% of kids think a college education will cost them around $100,000,” Fitzgerald added. “Families that save and invest early for their children’s education dreams will be better prepared to meet the challenge of paying for it when the time arrives, and College Savings Iowa is here to help.” Anyone – parents, grandparents, friends and relatives – can open a College Savings Iowa account on behalf of a child. This year, Iowa taxpayers can deduct up to $3,387 in contributions per beneficiary account from their state income taxes.* Earnings grow tax free and investors can withdraw their investment federally and Iowa state tax free to pay for qualified higher education expenses including tuition, books, supplies and certain room and board costs at any eligible college, university, community college or accredited technical training school in the United States or abroad.**
For more information about College Savings Iowa, visit CollegeSavingsIowa.com or call 1-888-672-9116. You can also connect with the plan on Facebook and Twitter (@Iowa529Plan) to stay up to date on current giveaways and events.
*Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. The availability of tax or other benefits may be contingent on meeting other requirements.
**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.