State Treasurer Michael L. Fitzgerald recently announced that Iowa has joined forces with other states in declaring September as College Savings Month. College Savings Month is a time when families are encouraged to explore the benefits of saving through a 529 plan, such as College Savings Iowa.
"As a way to raise awareness among families about saving for higher education, College Savings Iowa will be awarding a $5,290 College Savings Iowa account this fall," Fitzgerald said. "I encourage all Iowans with young children to register today for a chance to win and jump-start their children’s college savings." For more information about the giveaway and to register, visit collegesavingsiowa.com.
College Savings Iowa is an affordable, tax-advantaged option for families who are saving for their children’s higher education. It takes just $25 to open a College Savings Iowa account, and anyone – parents, grandparents, friends and relatives – can invest on behalf of a child. Participants who are Iowa taxpayers can deduct contributions up to $3,045 per beneficiary account from their adjusted gross income in 2013 and there no income or residency restrictions.* To learn more about College Savings Iowa, go to collegesavingsiowa.com or call 1-888-672-9116.
*Adjusted annually for inflation if withdrawals are not qualified, the deductions must be added back to Iowa taxable income. The availability of tax or other benefits may be contingent on meeting other requirements.