Treasurer Fitzgerald Awards $529 College Savings Iowa Contribution to Ames Family

DES MOINES, IA (09/27/2021) (readMedia)-- State Treasurer Michael L. Fitzgerald recently awarded a $529 College Savings Iowa contribution to the Mendus family of Ames as part of the 2021 College Savings Iowa Child Care Giveaway. One-year-old Graden, who attends Lily Pad Learning Center at Research Park, was randomly drawn as the Central region winner.

"Child care providers have a significant impact on the lives of our children," said Fitzgerald. "Teaming up with them to get information about College Savings Iowa into the hands of parents was an easy decision." Through the 2021 College Savings Iowa Child Care Giveaway, the plan awarded a $529 College Savings Iowa contribution to a family in central, southwest, southeast, northwest and northeast Iowa regions.

College Savings Iowa is a 529 plan that lets parents, grandparents, friends and relatives invest for education expenses on behalf of a future scholar. If an Iowa taxpayer is a College Savings Iowa participant, they can deduct up to $3,474 in contributions per beneficiary account from their state taxable income in 2021.*

With funds and earnings from a College Savings Iowa account, families can pay for qualified expenses like tuition, room, board, books, supplies and more at any accredited program.** The education institution does not have to be in Iowa and includes colleges, universities, community colleges, trade schools, apprenticeship programs and more. College Savings Iowa holds over $6.3 billion in assets and more than $3.5 billion has been withdrawn for qualified education expenses.

For more information about College Savings Iowa, call (888) 672-9116 or visit CollegeSavingsIowa.com. Connect with the plan on Facebook and Twitter to stay up to date on current events and plan updates.

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*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.