Treasurer Fitzgerald Reminds Calhoun County Residents to Enter in the $529 Year End Giveaway

DES MOINES, IA (12/07/2021) (readMedia)-- State Treasurer Michael L. Fitzgerald is reminding Calhoun County residents to register for the $529 College Savings Iowa Year End giveaway. Families can register their children at Iowa529Contest.com through Friday, December 31. "The holidays are here and so is gift-giving season," said Fitzgerald. "Countdown to the holidays by registering the children in your life for the chance to win a meaningful present – a boost to their College Savings Iowa account."

College Savings Iowa is a tax-advantaged 529 plan helping families and friends save for the costs of education. Qualified withdrawals can be used on tuition, room and board, textbooks, supplies and more at any eligible education institution in the U.S. or abroad.* Earnings in an account grow tax deferred and Iowa taxpayers are able to deduct $3,474 from their state income taxes per beneficiary account for 2021.**

As you complete your holiday shopping, also consider a contribution to College Savings Iowa for your loved ones. "An education savings is a truly valuable gift, and the great thing about College Savings Iowa is that it's a gift for the savers and the students," continued Fitzgerald. "With the tax deduction, contributing to an account is a win for both parties."

For more information on the plan, visit CollegeSavingsIowa.com. Follow the program on Twitter and Facebook for participant tips, plan updates and news.

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*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.