State Treasurer Roby Smith Reminds Iowans to Register for College Savings Iowa’s $5,290 Giveaway
As College Savings Month draws to a close, State Treasurer Roby Smith is reminding Iowans to register for College Savings Iowa’s $5,290 giveaway. “With kids of my own, I understand how important it is to save for education costs. Kids grow quickly, and it’s never too early to invest in their future. One way to do that is to start a College Savings Iowa account or, if you already have an account, make an extra contribution this month,” stated Smith. “Another way is to sign them up for our College Savings Month giveaway. There are just a few days left to register, so don’t wait!” Visit Iowa529Contest.com for the official rules and to register by September 30.
Anyone – parents, grandparents, friends and relatives – can invest in College Savings Iowa for a tax-advantaged way to save for education on behalf of a child. Funds in an account can be used at any eligible education institution, including two- and four-year colleges, apprenticeship programs and trade schools for tuition and other qualified education expenses. Up to $10,000 per year per student can be withdrawn from an account to pay for tuition expenses in connection with enrollment at a K-12 institution. Plus, Iowa taxpayers can deduct up to $3,785 of their contributions per Beneficiary account from their 2023 state income taxes.
Opening an account takes just 10 minutes and an initial investment of $25. “I want people to know how easy it is to save with a 529 plan. The National Association of State Treasurers and Enrich have created a 15-minute learning module to share the benefits of 529 plans, debunk common myths and explain how they can help fund the cost of education,” shared Smith. Access it at nast.enrich.org/courses/understanding-the-basics-of-a-529-plan.
Connect with College Savings Iowa on Facebook, Instagram and X, formerly known as Twitter, to stay up to date on current events and Plan updates. To learn more about College Savings Iowa, visit CollegeSavingsIowa.com or call (888) 672-9116. For additional details about the Plan, read the Program Description.