Treasurer Fitzgerald Awards $529 College Savings Iowa Contribution to Monroe County Family

DES MOINES, IA (06/17/2021) (readMedia)-- State Treasurer Michael Fitzgerald recently awarded a $529 College Savings Iowa contribution to the Steffen family of Albia. Makala was randomly drawn as the Monroe County winner for the 2021 College Savings Iowa 529 Day Giveaway.

"I'm pleased to award this contribution and help boost education savings for another Iowa family," Fitzgerald said. "Our 529 Day celebration was a great opportunity to reach families across the state and help spread the message about the importance of saving for education with the College Savings Iowa 529 plan."

College Savings Iowa celebrated 529 Day with a $529 giveaway in each of Iowa's 99 counties. One grand prize recipient received a $1,529 College Savings Iowa contribution and was selected from all entrants across the state. "It's a rewarding experience to be able to help 100 different families with their future," Fitzgerald said. "No matter what stage they are in their savings journey, I'm hoping these contributions will inspire an increased motivation to achieve their dreams."

College Savings Iowa is a 529 program 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 College Savings Iowa holds over $6 billion in assets and more than $3.5 billion has been withdrawn for qualified education expenses.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.