DES MOINES, Iowa - State Treasurer Michael Fitzgerald announces the launch of READYSAVE 529, a new education savings mobile app for College Savings Iowa account owners. “This app puts saving for education at your fingertips,” Fitzgerald said. “The mobile app brings the convenience of managing and interacting with your College Savings Iowa accounts all from one easy click of your finger.”
Account owners can download READYSAVE 529 in the Apple and Google Play app stores to view their College Savings Iowa account balance, transaction history and investment allocations. Additional features include the option to make a one-time contribution or set up recurring transactions; share unique gifting codes to encourage family and friends to contribute to their College Savings Iowa accounts; and see how their savings stack up when compared to other account owners.
“The cost of education has risen significantly and I want Iowans to be prepared,” Fitzgerald added. “Saving now for your children or grandchildren can help reduce or eliminate the need to borrow money later. With this app, account owners can make sure their savings goals are on track from the palm of their hand.”
College Savings Iowa is a 529 program 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.* Plus, 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taxable income in 2021.** College Savings Iowa holds over $5.9 billion in assets and more than $3.4 billion has been withdrawn for qualified education expenses.
For more information about College Savings Iowa, call (888) 672-9116 or visit CollegeSavingsIowa.com. Connect with the plan on Facebook and Twitter to stay up to date on current events and plan updates.
*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.