College Savings Iowa Celebrates 20 Years with Its Biggest Giveaway

DES MOINES, IA (10/18/2018) (readMedia)-- State Treasurer Michael L. Fitzgerald wants to remind Iowans there are only a few weeks left of College Savings Iowa's 20 year celebration giveaway. Iowans can visit Iowa529Contest.com to register to win one of four $5,000 College Savings Iowa giveaway accounts or one of five $529 accounts. The giveaway concludes on October 31 and is open to all Iowans with a child or grandchild under the age of 18. "College Savings Iowa has been an important resource in thousands of lives for 20 years," Fitzgerald said. "This 20 year giveaway is a celebration of all our past, present and future families who have saved with College Savings Iowa."

College Savings Iowa has grown immensely over the last 20 years and now has almost $5 billion in assets, over 250,000 open accounts and an account average of more than $20,000. "With post-secondary education costs rising every year, a 529 plan can really add up and help families from having to borrow too much for future schooling," added Fitzgerald. "College Savings Iowa offers an easy way to save for a brighter future for our children while also providing tremendous tax benefits for parents and grandparents."

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 – parents, grandparents, friends and relatives – can invest in College Savings Iowa on behalf of a child. Iowa taxpayers have the additional benefit of being able to deduct contributions up to $3,319 per beneficiary account from their 2018 Iowa adjusted gross income.*

Investors do not need to be a state resident and can withdraw their investment federally tax-free to pay for qualified higher education expenses, which includes tuition, books, supplies and certain room and board costs at any eligible college, university, community college or technical training school in the United States or abroad.**

Visit Iowa529Contest.com to watch the video and register to win. To learn more about College Savings Iowa, please visit CollegeSavingsIowa.com or call 1-888-672-9116. For more information about future giveaways and events find College Savings Iowa on Facebook and Twitter (@Iowa529Plan).

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

**Earnings on 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.