Treasurer Fitzgerald: Put Saving for College at the Top of Your Child's Wish List

DES MOINES, IA (11/19/2009)(readMedia)-- State Treasurer Michael L. Fitzgerald has a simple solution for the gift-giving dilemmas that are usually associated with the holiday season. "Instead of trying to put together wish lists of toys that will soon find their way into your children's closet, why not invite the special people in your life to give one of the most meaningful presents a child may ever receive-help toward paying for a college education," stated Fitzgerald. "While the best things in life are free, unfortunately college is not one of them. College Savings Iowa lets anyone parents, grandparents, friends and relatives contribute towards college costs on behalf of a child." To learn more about College Savings Iowa, call 888-672-9116 or visit www.collegesavingsiowa.com.

Ugift - Make giving college savings easier

"When you're saving for college, you need all of the help you can get. That's why College Savings Iowa is pleased to offer the Ugift service to plan participants," stated Fitzgerald. This easy-to-use service allows participants to invite family and friends to celebrate a child's milestones by contributing to his or her College Savings Iowa account.

To learn more, participants can log on to their existing College Savings Iowa accounts and click on the Ugift logo or go to www.collegesavingsiowa.com and click on Plan Details. Then click on Ugift FAQs under the Plan Highlights section.

College Savings Iowa Save for college; save on taxes

College Savings Iowa offers affordability and tax-advantages to families who are saving for their children's college education. It takes just $25 to open a College Savings Iowa account, and investors can contribute as little as $25 when adding to the account. Participants who are Iowa taxpayers can deduct contributions up to $2,800 per beneficiary from their state taxable income.*

To take advantage of this great tax-savings opportunity for tax-year 2009, participants can contribute online at www.collegesavingsiowa.com. Contributions via Electronic Bank Transfer must be submitted by December 31, 2009. For contributions through a monthly or quarterly Automatic Investment Plan, funds must be debited from the bank account by December 31, 2009. If the contribution is being mailed, checks must be postmarked by December 31, 2009.

Investors in College Savings Iowa do not need to be a state resident and can withdraw their investment tax-free to pay for qualified higher education expenses including tuition, books, supplies and certain room and board costs at any eligible college, university, community college or accredited technical training school in the United States or abroad. ** To learn more about College Savings Iowa, call 888-672-9116 or visit www.collegesavingsiowa.com.

*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 and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.