Des Moines, Iowa – State Treasurer Michael L. Fitzgerald is celebrating 529 Day, recognized nationally on May 29, with a College Savings Iowa giveaway in each Iowa county. “529 Day spreads the word about the importance of 529 plans, like College Savings Iowa, and how they can be used to help families pay for higher education costs,” said Fitzgerald. “Maximize the opportunity to grow your child’s education savings this 529 Day by entering to win a $529 College Savings Iowa contribution.” To register, visit Iowa529Contest.com before May 31.
“As a grandparent and administrator of College Savings Iowa, 529 Day is personal to me,” continued Fitzgerald. “I want to see Iowa’s youth succeed, and investing in their future with a 529 account is one way we can do that. It’s never too early or too late to start saving for their education.”
College Savings Iowa offers families a tax-advantaged way to save money for education-related expenses such as tuition, room and board, books, supplies, computers and more. Students are not limited to staying in Iowa and can attend any eligible educational institution in the United States or abroad, including colleges, universities, technical training schools or apprenticeship programs.* Plus, Iowa taxpayers have the benefit of being able to deduct up to $3,522 in contributions per beneficiary account from their 2022 Iowa adjusted gross income.**
It only takes $25 to open an account and anyone – parents, grandparents, friends and relatives – can invest in the Plan on behalf of a child. Visit CollegeSavingsIowa.com for more information or call (888) 672-9116.
*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.
**Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income.