State Treasurer of Iowa

College Savings Iowa Increases State Deduction Amount for 2015

Treasurer Fitzgerald recently confirmed the College Savings Iowa income tax deduction has again been raised.* “Iowa taxpayers can deduct the first $3,163 they contribute per beneficiary account from their state taxable income,” Fitzgerald said. “This means a married couple with two children will be able to deduct up to $12,652 in College Savings Iowa contributions on their 2015 state taxes.”

“One of the best features of College Savings Iowa is how easy it is to get started,” Fitzgerald added. “All you need is $25 and ten minutes of your time to start saving for a loved one’s future educational expenses. I encourage all families to save whatever they can today to help offset what has to be borrowed in the future.” 

For more information about College Savings Iowa, call 888-672-9116 or visit CollegeSavingsIowa.com and connect with the plan on Facebook and Twitter (@Iowa529Plan) to stay up to date on current giveaways and events. 

*If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. Adjusted annually for inflation.
 
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