Families can register by year’s end to win a $529 contribution to their College Savings Iowa account
State of Iowa Treasurer Michael L. Fitzgerald and College Savings Iowa are spreading the joy this holiday season with contributions to education savings. Residents in Allamakee County can register at Iowa529Contest.com through Friday, December 31 to win a $529 contribution to their College Savings Iowa 529 account.
“Enter the giveaway for the chance to win a boost to your education fund,” said Fitzgerald. “And during the season of giving, consider making a contribution to an existing account or opening your first one. Invest in a child’s future by giving them a meaningful gift.”
Currently, Allamakee County has over $4.7 million invested in College Savings Iowa. “This number proves that residents in Allamakee County are already planning for education expenses and we hope those participants will join us in sharing the benefits of saving with a 529 plan,” added Fitzgerald. “College Savings Iowa can help families achieve saving goals and feel financially prepared to cover the costs of education.”
College Savings Iowa is a tax-advantaged 529 plan helping families and friends save for tuition, room and board, textbooks, supplies and more at any accredited institution. Earnings in an account grow state and federally tax deferred (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). Iowa taxpayers are also able to deduct $3,474 from their state income taxes per beneficiary account for 2021 (adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income).
Celebrate the holidays by entering the Year End giveaway for the opportunity to win the Allamakee County prize of $529. The giveaway is open to Iowa families with children under 18. For more information on the plan, visit CollegeSavingsIowa.com. Follow the program on Twitter and Facebook for participant tips, plan updates and news.
