Treasurer Fitzgerald Awards a $1,000 College Savings Iowa Contribution to the Haacke Family of Des Moines

October 15, 2021

Des Moines, Iowa – State Treasurer Michael L. Fitzgerald recently awarded a $1,000 College Savings Iowa contribution and an Apple iPad to the Haacke family of Des Moines. Sixteen-year-old Nolan was randomly drawn as the winner of the 2021 College Savings Month Giveaway that took place in September. “Giveaways are always a rewarding experience,” Fitzgerald said. “Providing Nolan with a College Savings Iowa contribution means more money in his account that can potentially add up and grow.”

College Savings Iowa joined other 529 plans this past September to celebrate College Savings Month. College Savings Month is a national campaign designed to inform parents, grandparents, relatives and friends about the importance of saving for the costs of higher education. As part of the College Savings Month festivities, College Savings Iowa hosted a giveaway in which one participant was eligible to win a $1,000 College Savings Iowa contribution and an Apple iPad.

Nolan and his family received their College Savings Iowa contribution during a check presentation with Treasurer Fitzgerald on Friday, October 15. The family was thrilled to get an extra boost to Nolan’s account and are grateful for how easy and simple it is to save with College Savings Iowa. “I just made it a part of our monthly budget and it made it less overwhelming,” commented Michelle Haacke, mother of Nolan. “You take little amounts every month over years and years. I look back now and think wow.” To Nolan, this contribution means more funds for him to use when he pursues higher education.

 College Savings Iowa is a tax-advantaged way for families to save for education-related expenses. Earnings in an account grow deferred from state and federal taxes, and qualified withdrawals are tax free.* Participants who are Iowa taxpayers can also deduct up to $3,474 from their state income taxes for 2021 per beneficiary account.** As the costs of higher education rise, so does the need to save money to cover tuition, room and board, textbooks and supplies. “I cannot stress enough how crucial it to build a dedicated savings account for the costs of higher education,” continued Fitzgerald. “By hosting these giveaways, we are helping to make an impact on someone’s savings, and in turn, their future.”

The plan currently has $6.3 billion in assets across 276,500 accounts and a total of $3.6 billion has been withdrawn for qualified education expenses. To get started with College Savings Iowa, visit CollegeSavingsIowa.com. Connect with the plan on Facebook and Twitter to stay up to date on current events and plan updates.

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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.

 

 

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