DES MOINES, IA --- State Treasurer Michael L. Fitzgerald announced that many Clay County Fairgoers were lucky this year as they discovered their lost treasures. “The Great Iowa Treasure Hunt and College Savings Iowa booth had another successful year at the Clay County Fair,” Fitzgerald said. “Over 1,200 claims of unclaimed property were discovered, totaling over $400,000 with the largest treasure found being $38,150.00.”
Successful Clay County Fair for Treasure Hunters and Savers
The Great Iowa Treasure Hunt program has returned over $216 million in unclaimed property to more than 504,000 people since Fitzgerald created 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.gov 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 $3,188 per beneficiary account from their adjusted gross income in 2016 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.
Be sure to like Great Iowa Treasure Hunt and College Savings Iowa on Facebook and follow the programs on Twitter (@GreatIATreasure and @Iowa529Plan).
*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.
For more information about the College Savings Iowa 529 Plan, call 888-672-9116 or visit 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.