State Treasurer offering giveway
Thu, 11/19/2020 - 8:42am admin
—Each county has opportunity for College Savings Iowa
DES MOINES - State Treasurer Michael Fitzgerald is celebrating the gift of education with College Savings Iowa with a holiday season giveaway.
“I look forward to the end of each calendar year as a way to help families realize an important gift to give is right in front of them,” said Fitzgerald. “No matter how old your children and grandchildren are, or what their dreams may be, saving and contributing to a College Savings Iowa account could be one of the most important gifts of all; the gift of education.”
From now until the end of the year, as a way to reach families all over the state, College Savings Iowa is hosting a $529 giveaway in each county in Iowa, including Chickasaw, Howard, Mitchell and Winneshiek.
Plus, a grand prize winner will receive a $1,529 College Savings Iowa contribution that will be drawn from all entrants across the state. Those interested can visit Iowa529Contest.com to read the official rules and register for their chance to win before Dec. 31, 2020.
College Savings Iowa offers families a tax-advantaged way to save money for their children’s higher education with tax-free withdrawals for qualified expenses. Iowa taxpayers have the additional benefit of being able to deduct contributions up to $3,439 per beneficiary account from their 2020 Iowa income taxes (adjusted annually for inflation).
“Almost anyone can open a College Savings Iowa account for a loved one or even themselves with an initial investment of just $25,” Fitzgerald said.
“I urge everyone in the state to register for the giveaway and consider a College Savings Iowa 529 account as the ultimate gift.” Families can find great resources and answers about College Savings Iowa by visiting CollegeSavingsIowa .com today.
Investors do not need to be an Iowa resident and can withdraw their investment federally tax-free to pay for qualified higher education expenses, which includes tuition, books, supplies and certain room and board costs at any eligible college, university, community college, technical training school or apprenticeship program in the United States or abroad.**
Since its launch in 1998, College Savings Iowa has grown to more than $5.5 billion in assets and more than $3.2 billion has been used for qualified educational expenses. The plan has over 254,000 active accounts with an average size of $20,659.
Visit Iowa529Contest.com to complete the registration for the giveaway. To learn more about College Savings Iowa, please visit CollegeSavingsIowa.com or call (888) 672-9116. For more information about future giveaways and events, find College Savings Iowa on Facebook and Twitter.