DES MOINES, IA (10/21/2014)(readMedia)-- State Treasurer Michael L. Fitzgerald is offering Iowa teachers pencils to be distributed during the annual Iowa Assessment Test. The treasurer's program, Prepare for the Basics, offers free #2 pencils to be distributed by teachers. Last year, the program distributed over 29,000 pencils to schools statewide. "Testing helps teachers monitor the growth of students' basic skills," Fitzgerald said. "This program is a small gesture of appreciation to our teachers for their hard work."
Along with the new pencil, students will receive information to take home about College Savings Iowa, the state-sponsored 529 plan. College Savings Iowa offers families a tax-advantaged way to save money for their children's higher education. Participants who are Iowa taxpayers can deduct contributions up to $3,098 per beneficiary from their 2014 adjusted gross income, and there are no income or residency restrictions.* "Families that save early are better prepared to meet the future educational needs for their children," Fitzgerald stated. "Saving ahead of time may reduce the need to borrow for college."
Teachers who would like to participate in the Prepare for the Basics program can register online at IowaTreasurer.gov. Participants can register by clicking on the tab For Citizens, then clicking on the Financial Literacy tab, which will take you to the Prepare for the Basics section. Program materials will be sent directly to the participating schools. Supplies are limited, so early registration is advised. For more information about College Savings Iowa, please visit CollegeSavingsIowa.com or call 1-888-672-9116.
*Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. 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 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.
For more information about the College Savings Iowa 529 Plan, call 888-672-9116 or visit www.collegesavingsiowa.com to obtain a Program Description. Investment objectives, risks, charges, expenses, and other important information are included in the Program Description; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor.
College Savings Iowa is an Iowa trust sponsored by the Iowa State Treasurer's Office. The Treasurer of the State of Iowa sponsors and is responsible for overseeing the administration of the College Savings Iowa 529 Plan. The Vanguard Group, Inc., serves as Investment Manager and Vanguard Marketing Corporation, an affiliate of The Vanguard Group, Inc., assists the Treasurer with marketing and distributing the Plan. Ascensus Investment Advisors, LLC, provides records administration services. The Plan's portfolios, although they invest in Vanguard mutual funds, are not mutual funds.