|Save for College While Cheering on Your Favorite College Team|
|News Releases - Education & Schools|
|Written by Karen Austin|
|Friday, 11 November 2011 13:13|
Treasurer Fitzgerald Encourages Iowans to Start Saving by Registering for a Chance to Win a $200 College Savings Iowa Account Plus an Autographed Football
DES MOINES, IA (11/08/2011)(readMedia)-- State Treasurer Michael L. Fitzgerald is encouraging Iowans to think about saving for their loved ones future higher educational expenses while cheering on their favorite college team this fall. "Much like the college football season, the time to start saving for college is over before you know it," Fitzgerald said. "That is why we want families to know it's never too early to start planning for their children's future education."
As a way to raise awareness about the importance of saving for higher education, College Savings Iowa is giving away three $200 College Savings Iowa accounts plus an autographed football from the University of Iowa, Iowa State and the University of Northern Iowa's head football coaches. For more information and to enter the giveaway, please visit www.iowa529contest.com.
College Savings Iowa is an affordable, tax-advantaged option for families who are saving for their children's higher education. It takes just $25 to open a College Savings Iowa account, and anyone – parents, grandparents, friends and relatives – can invest on behalf of a child. Participants who are Iowa taxpayers can deduct contributions up to $2,865 per beneficiary account from their adjusted gross income in 2011 and there no income or residency restrictions.*
Investors do not need to be a state resident and can withdraw their investment federally tax-free to pay for qualified higher education expenses including tuition, books, supplies and certain room and board costs at any eligible college, university, community college or technical training school in the United States or abroad. To learn more about College Savings Iowa, go to www.my529iowaplan.com or call 1-888-332-7545.
*Adjusted annually for inflation if withdrawals are not qualified, the deductions must be added back to Iowa taxable income. The earnings portion of 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.
Investment returns are not guaranteed and you could lose money by investing in the plan. Participants assume all investment risks as well as the responsibility for any federal and state tax consequences. If you are not an Iowa taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.
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