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|Treasurer Fitzgerald Tells Holiday Shoppers to Gift Themselves with Tax Deductions from College Savings Iowa|
|News Releases - Education & Schools|
|Written by Michael Fitzgerald|
|Tuesday, 15 November 2011 14:00|
Contributions made through December 31, 2011 can be deducted from 2011 state taxes.
DES MOINES, IA (11/15/2011)(readMedia)-- State Treasurer Michael L. Fitzgerald has a simple solution for the gift-giving dilemmas that are usually associated with the holiday season. "Instead of trying to put together a wish list of toys that will soon be lost in your children's closet, invite the special people in your life to give one of the most meaningful gifts a child may ever receive – help toward paying for a college education," stated Fitzgerald. "Opening a College Savings Iowa account has two-fold benefits, not only are you helping a child prepare for his/her future education, but you can take advantage of the tax benefits as well. It's the perfect gift!"
College Savings Iowa lets anyone – parents, grandparents, friends and relatives – contribute towards college costs on behalf of a child. Iowa taxpayers contributing to College Savings Iowa can deduct up to $2,865 per account from their state taxable income in 2011.* To take advantage of this great tax-savings opportunity, investors can contribute online at www.collegesavingsiowa.com. All other contributions must be submitted by December 31, 2011. If the contribution is being mailed, checks must be postmarked by December 31, 2011. For more information about College Savings Iowa, call 888-672-9116 or visit collegesavingsiowa.com.
Ugift® - Make giving college savings easier
"When you're saving for college, you need all of the help you can get. That's why College Savings Iowa is pleased to offer the Ugift® service to plan participants," stated Fitzgerald. This easy-to-use service allows participants to invite family and friends to celebrate a child's milestones by contributing to his or her College Savings Iowa account.
To learn more, participants can log on to their existing College Savings Iowa accounts and click on the Ugift logo or go to www.collegesavingsiowa.com and click on Plan Details. Then click on Ugift FAQs under the Plan Details section.
* Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income.
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