State Treasurer Fitzgerald wants to encourage all Iowa State Fair visitors to swing by the College Savings Iowa booth and register for a chance to win a College Savings Iowa account for their children or grandchildren. “I encourage families to start saving for college as soon as possible,” Fitzgerald said. “Saving ahead of time for educational expenses may reduce the need to borrow, which is why we are giving one lucky family a boost by allowing families to register to win $1,000 towards a college education.”
College Savings Iowa allows families a tax-advantaged way to save money for their children’s higher education. With as little as $25 anyone, parents, grandparents, friends and relatives, can begin investing with College Savings Iowa on behalf of a child. Participants who are Iowa taxpayers are also able to deduct contributions up to $3,163 per beneficiary from their 2015 adjusted gross income. Earnings grow tax free and investors can withdraw their investment federally and Iowa state tax free to pay for qualified higher education expenses, which include tuition, books, supplies and certain room and board expenses at any eligible college, university, community college or accredited technical training school in the United States or abroad.*
For more information about College Savings, visit CollegeSavingsIowa.com
or call 888-672-9116. You can also connect with the plan on Facebook
(@Iowa529Plan) to stay up to date on current giveaways and events.
*Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. 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.
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 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.