State Treasurer Michael L. Fitzgerald is advocating Iowans to take advantage of the benefits of College Savings Iowa to save for future education expenses. “Children with a dedicated college savings account in their name are six times more likely to continue their education,” said Fitzgerald. “As a way to encourage families to take the first step towards saving, College Savings Iowa is giving away a $1,000 account this summer.” Visit collegesavingsiowa.com to enter into the giveaway and see the official rules.
Register for a Chance to Win a $1,000 College Savings Iowa Account
College Savings Iowa offers families a tax advantaged way to save money for their children’s higher education. It only takes $25 to open an account, and anyone, grandparents, parents, friends and relatives, can invest on behalf of a child. Iowa taxpayers have the additional benefit of being able to deduct contributions up to $3,098 per beneficiary account from their 2014 Iowa adjusted gross income. In addition, contributions grow free of state and federal income taxes while invested and remain tax-free when used to pay for qualified higher education expenses at any eligible college, university, community college or accredited technical training school in the United States or abroad.*
To learn more about College Savings Iowa please visit collegesavingsiowa.com or call 1-888-672-9116. You can also like College Savings Iowa on Facebook and follow the plan on Twitter (@Iowa529Plan) to stay 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. 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 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 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.