Des Moines, IA – State Treasurer Michael L. Fitzgerald announced today that a stop at the Great Iowa Treasure Hunt and College Savings Iowa booth during the 2014 Clay County Fair may be worthwhile. Fair goers could find their name - over one million accounts are currently being held as unclaimed property in the Great Iowa Treasure Hunt. Visitors to the booth will also be able to register a child or grandchild to win a $5,290 College Savings Iowa account. “Computers will be available for fairgoers to search for their names,” Fitzgerald said. “Staff members will also be on hand to assist and answer questions for both programs.”
The Great Iowa Treasure Hunt program has returned over $181 million in unclaimed property to more than 436,000 individuals since Fitzgerald started it in 1983. Unclaimed property refers to money and other assets held by financial institutions or companies that have lost contact with the property’s owner for a specific period of time. State law requires these institutions and companies to annually report and deliver unclaimed property to the state treasurer’s office, where it is held until the owner or heir of the property is found. Common forms of unclaimed property include: savings or checking accounts, stocks, uncashed checks, life insurance policies, utility security deposits and safe deposit box contents. Go to greatiowatreasurehunt.com to search for your treasure today.
College Savings Iowa is an affordable, tax-advantaged option for families who are saving for their children’s higher education. It takes just $25 to open a College Savings Iowa account, and anyone – parents, grandparents, friends and relatives – can invest on behalf of a child. Participants who are Iowa taxpayers can deduct contributions up to $3,098 per beneficiary account from their adjusted gross income in 2014 and there is no income or residency restrictions.* To learn more about College Savings Iowa, go to collegesavingsiowa.com or call 1-888-672-9116.
Visit the Great Iowa Treasure Hunt and College Savings Iowa booth during the Clay County Fair in the Varied Industries building. The building will be open from 9 a.m. to 8 p.m. September 6 through September 13 and 9 a.m. to 6:30 p.m. on September 14. Be sure to like Great Iowa Treasure Hunt and College Savings Iowa on Facebook and follow the programs on Twitter (@GreatIATreasure and @Iowa529Plan) to keep up to date.
*Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. The earnings portion of 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.
Investment returns are not guaranteed and you could lose money by investing in the plan. Participants assume all investment risks as well as the responsibility for any federal and state tax consequences. If you are not an Iowa taxpayer, consider before investing whether your or the designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program.
For more information about the College Savings Iowa 529 Plan, call 1-888-672-9116, or visit www.collegesavingsiowa.com to obtain a Program Description. Investment objectives, risks, charges, expenses, and other important information are included in the Program Description; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor.
College Savings Iowa is an Iowa trust sponsored by the Iowa State Treasurer’s Office. The Treasurer of the State of Iowa sponsors and is responsible for overseeing the administration of the College Savings Iowa 529 Plan. The Vanguard Group, Inc., serves as Investment Manager and Vanguard Marketing Corporation, an affiliate of The Vanguard Group, Inc., assists the Treasurer with marketing and distributing the Plan. Upromise Investment Advisors, LLC, provides records administration services. The Plan’s portfolios, although they invest in Vanguard mutual funds, are not mutual funds.