Treasurer Smith Announces College Savings Iowa Giveaways Throughout May
DES MOINES – State Treasurer Roby Smith is celebrating 529 Day with College Savings Iowa account giveaways throughout May. “I encourage all Iowa families to sign up for our five giveaways this month,” said Smith. “Each winner will receive a $529 contribution to a new or existing College Savings Iowa account. Now that’s an education savings boost!” The first giveaway opens May 1 and a new giveaway starts each Thursday in May. Giveaways end May 31. To register, visit Iowa529Contest.com.
As a nationwide celebration, 529 Day raises awareness about the value of using a 529 plan, such as College Savings Iowa, to save for future education expenses. “It’s no secret the cost of post-secondary education is rising,” Smith said. “By saving as early as you can, you are able to help reduce the amount your children have to borrow to chase their dreams. Every contribution makes an impact.”
College Savings Iowa allows anyone to save for education on behalf of a future scholar. Qualified withdrawals from an account can be used to pay for tuition, room and board, books and supplies at any eligible education institution in the U.S. and abroad. More than $5 billion has been invested in the Plan by current savers.
There are also tax advantages for those saving with College Savings Iowa. Account assets grow deferred from federal and state income taxes, and Participants will not pay federal or state taxes on qualified withdrawals. Iowa taxpayers receive added tax benefits, including an annual state income tax deduction. In 2023, up to $3,785 per beneficiary account can be deducted.
To learn more about the Plan, visit CollegeSavingsIowa.com or call (888) 672-9116. Connect with College Savings Iowa on Facebook and Twitter to stay informed on current events and updates. For additional details about the Plan, read the Program Description.