Mitchell County Residents Can Boost Their Education Savings with $1,000 College Savings Iowa Giveaway

DES MOINES, IA (05/01/2024) (readMedia)-- State Treasurer Roby Smith is celebrating 529 Day with the College Savings Iowa 529 plan by giving away a $1,000 account contribution. "The cost of education is rising, and saving ahead of time is one of the best ways to help your children prepare for whatever path their journey holds. Whether you have a newborn or a soon-to-be graduate, saving now could cost less than borrowing later," said Smith. "Mitchell County residents recognize the power of saving for future education costs and have more than $3.6 million invested with College Savings Iowa."

Recognized annually on May 29, 529 Day raises awareness about the value of using a 529 plan, such as College Savings Iowa, to save for future education expenses. "529 plans help make your money work for you. With the power of compounding – earning interest and then earning interest on those earnings – it pays to start saving now," Smith added. "Start your education savings or give it a boost by registering for my $1,000 529 Day giveaway at Iowa529Contest.com."

There are also tax advantages for those saving with College Savings Iowa. Earnings grow federally and Iowa state tax-deferred. Qualified withdrawals are federally tax free and all withdrawals are Iowa state tax free. Additionally, Iowa taxpayers saving with the Plan can deduct up to $4,028 in contributions per Beneficiary account from their 2024 state income taxes.

College Savings Iowa is Iowa's direct-sold 529 plan and helps families save for future education expenses. Funds in an account can be used for tuition, room and board, books, computers, supplies and other education-related expenses at any eligible education institution in the U.S. or abroad, including two- and four-year colleges, apprenticeship programs and trade schools. Additionally, up to $10,000 can be withdrawn to pay for tuition expenses in connection with enrollment at a K-12 institution per year or used for repayment of any qualified education loan.

Connect with College Savings Iowa on Facebook, Instagram and X to stay up to date on current events and updates. To learn more about College Savings Iowa, visit CollegeSavingsIowa.com or call (888) 672-9116. For additional details about the Plan, read the Program Description.

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