Treasurer Fitzgerald Announces $10,000 College Savings Iowa Giveaway
DES MOINES, IA (09/01/2022) (readMedia)-- State Treasurer Michael Fitzgerald announces College Savings Iowa is joining other 529 plans across the country to celebrate College Savings Month throughout September. "If you are looking to start or boost your child's higher education fund, here's your sign," said Fitzgerald. "We're hosting a giveaway where one family will win a $10,000 College Savings Iowa account contribution. All you have to do is register at Iowa529Contest.com before September 30."
Currently, Dubuque County has more than 5,650 total College Savings Iowa accounts. "My goal for College Savings Month is to see this number rise as more individuals learn about the Plan and save for their loved ones," Fitzgerald continued. "This giveaway is the perfect opportunity to do exactly that."
College Savings Iowa is a tax-advantaged way for families and friends to save for the costs of higher education on behalf of a student. "You don't have to be market savvy or make large contributions," concluded Fitzgerald. "With a minimum contribution of $25 and investments that are professionally managed, this 529 plan is built to be user-friendly."
Funds in an account can be used at any eligible education institution, including two- and four-year colleges, apprenticeship programs and trade schools.* Qualified expenses include tuition, room and board, computers, supplies and more. Plus, among many other tax-advantages, Iowa taxpayers can deduct up to $3,522 in contributions from their state income taxes in 2022.**
Celebrate College Savings Month by opening an account for a child in your life and entering the giveaway, which ends Friday, September 30. For more information on the 529 plan, visit CollegeSavingsIowa.com or call (888) 672-9116. Connect with the Plan on Facebook and Twitter to stay up to date on current events and plan updates.
*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.
**Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income.