DES MOINES, Iowa – State Treasurer Michael L. Fitzgerald presented a $5,290 College Savings Iowa account to nine year old Audrey Kosel, a Bryant Elementary School student, in Dubuque on Wednesday. Audrey’s parents, Gwen and Terry, took everyone by surprise when they decided to pay their good fortune forward and open a College Savings Iowa account for each of the 20 kids in Audrey’s class. This act of kindness comes out of the recent tragedy in Connecticut.
Treasurer Fitzgerald Awards $5,290 College Savings Iowa Account to Dubuque Student
“My husband and I were so touched, but my heart and thoughts were with the school at Sandy Hook,” Gwen Kosel said. “We decided to give each of the 20 students in Audrey’s class a College Savings Iowa account, each starting with $26.00 – a dollar for everyone who went to school at Sandy Hook to learn that day and did not make it home. It is not much, but it is a start.”
“The Kosel’s generosity is touching,” Fitzgerald added. “As always, our goal for College Savings Iowa is to encourage families to start saving early for their child’s higher educational expenses. Even $26 can go a long way if invested properly, and the Kosel’s reinforced this by helping 20 more Iowa children become one step closer to meeting the challenge of paying for their higher education.”
The College Savings Iowa 529 Plan attended various events across the state this past fall to help spread the message about saving early. While learning about the Plan, families were able to register for its largest giveaway to date, the 2012 College Savings Iowa Giveaway. Audrey, who was randomly selected from over 7,400 entrants, will be able to use the $5,290 to help pay for tuition, books, room and board at any qualifying institution.
While investors do not need to be a state resident to participate in College Savings Iowa, there are some additional benefits if they are an Iowa taxpayer. Iowans can deduct contributions up to $2,975 per beneficiary account from their adjusted gross income in 2012.** In order to qualify for the 2012 tax deduction, contributions must be made by the end of the year. Participants can contribute online at www.collegesavingsiowa.com. If sent by mail, they must postmark checks by December 31, 2012.
Opening a College Savings Iowa account is simple. With as little as $25 and ten minutes anyone can start investing on behalf of a child. To learn more about College Savings Iowa, please visit www.collegesavingsiowa.com or call 1-888-672-9116. You can also like College Savings Iowa on Facebook by going to www.facebook.com/CollegeSavingsIowa529Plan to keep up to date on future events and giveaway opportunities.
*Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income.
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.
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.