Treasurer Smith Urges Parents to Plan for Years to Come

DES MOINES – State Treasurer Roby Smith is encouraging Iowans to think not only of the upcoming school year, but to plan for future education as well. “Summer is flying by, and it’s almost back-to-school time! As you are getting ready for the school year to come, show a child in your life you are not just planning for this school year but also for many years to come,” stated Smith. “Add opening a College Savings Iowa account or making an additional contribution to your back-to-school list. Kids grow quickly, and before you know it, they’ll need more than crayons, glue, pencils and paper for the school year.”

College Savings Iowa provides families a tax-advantaged way to save for their future. Earnings grow federally tax-deferred and qualified withdrawals are tax free. Iowa taxpayers saving with the Plan can deduct up to $3,785 in contributions per beneficiary account from their 2023 state income taxes. Money invested in College Savings Iowa can be used to pay for tuition, room and board, computers, textbooks and more at any eligible education institution in the U.S. or abroad. In addition to higher-education expenses, College Savings Iowa funds can also be used to pay for tuition at an accredited K-12 private school.

“With the costs of summer care and camps winding down, this is a great time to make an extra contribution to their College Savings Iowa account or to open one,” Smith continued. “The difference an extra $25, $50 or $100 can make, when given time to grow, could mean less to borrow down the road.”

Connect with College Savings Iowa on Facebook and 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.

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