Des Moines, Iowa – State Treasurer Michael Fitzgerald encourages Iowa State Fair visitors to stop by the College Savings Iowa booth and register for their chance to win a $1,000 College Savings Iowa account contribution. “While you’re cooling off in the Varied Industries Building, make sure to stop by our booth and register to win a boost to your loved ones’ education savings,” said Fitzgerald.
Treasurer Fitzgerald wants Iowans to take the leap from imagining their child’s higher education dreams to achieving them. “It’s the oldest saying in the book – kids grow up fast. And boy do I know it,” continued Fitzgerald. “As a parent and grandparent, I realize how fast time flies. Saving for their education early can give your loved ones the financial support they need to pursue their dreams. College Savings Iowa can help you get them there.”
College Savings Iowa is a 529 plan that allows anyone – parents, grandparents, friends and relatives – to invest in education expenses on behalf of a child. With a minimum contribution of just $25 and fourteen investment options to choose from, the plan is both affordable and flexible. Earnings grow federally tax-deferred, qualified withdrawals are tax-free and if an Iowa taxpayer is a College Savings Iowa participant, they can deduct up to $3,474 in contributions per beneficiary account from their state taxable income in 2021.*
Though sponsored by the State of Iowa, students can attend any qualified education institution in the country or abroad, including colleges, universities, trade schools, apprenticeship programs and more. Qualified withdrawals from a College Savings Iowa account can be used to pay for tuition, room and board, books, supplies, fees and more.**
Let College Savings Iowa help you prepare for your child’s future education. For more information, visit CollegeSavingsIowa.com or call (888) 672-9116. Connect with the plan on Facebook and Twitter to stay up to date on current events and plan updates.
*Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income.
**Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.