State Treasurer Michael Fitzgerald is reminding Iowans about College Savings Iowa’s Year-End Giveaway. “This holiday season, unwrap your child’s future by entering to win a $5,290 College Savings Iowa contribution,” said Fitzgerald. “Visit Iowa529Contest.com by the end of the year to register.” Any Iowan over the age of 18 can register for a child in their life.
“Saving for the child in your life is one of the most important things you can do,” commented Fitzgerald. “Having a dedicated education savings account lets your children know you believe in their dreams. It’s a gift you can’t unwrap, but it might just be the most valuable gift of all.” To date, College Savings Iowa participants have withdrawn more than $4.5 billion to pay for qualified education expenses.
College Savings Iowa is the state’s direct-sold 529 plan and helps families save for the rising costs of higher education on a tax-advantaged basis. Funds in an account can be used for tuition, room and board, books, computers, supplies and other qualified education-related expenses. The student you’re saving for can attend any eligible education institution, including two- and four-year colleges, apprenticeship programs and trade schools. Additionally, Iowa taxpayers can deduct up to $3,522 of their contributions from their state income taxes in 2022.