Iowa Treasurer Roby Smith is reminding Iowans of the benefits of the state’s 529 accounts with a 529 Day giveaway.
“For this year’s celebration, we are giving away an out-of-this-world $1,000 College Savings Iowa contribution to a new or existing account,” Mr. Smith said in a news release. “Don’t miss this opportunity to boost your child’s education savings.”
To register, visit Iowa529Contest.com and sign up by Friday, May 31.
The 529 Day, recognized annually on May 29, raises awareness about the value of using a 529 plan, such as College Savings Iowa, as a tax-advantaged way to save for future education expenses.
Earnings grow tax-deferred with qualified withdrawals being federally tax free and all withdrawals being free of Iowa taxes. Thanks to new legislation recently passed by the Iowa Legislature, Iowa taxpayers saving with the plan can deduct up to $5,500 in contributions per beneficiary account from their 2024 state income taxes.
Funds in an account can be used for tuition, room and board, books, computers, supplies and other education-related expenses at any eligible education institution in the U.S. or abroad, including two- and four-year colleges, apprenticeship programs and trade schools.
In addition, participants can withdraw up to $10,000 to pay for tuition expenses in connection with enrollment at a K-12 institution per year or used for repayment of any qualified education loan.
To stay up to date on current events and updates, connect with College Savings Iowa on Facebook, Instagram and X. Learn more about College Savings Iowa by visiting CollegeSavingsIowa.com or calling (877) 664-8455. Click here to learn additional details about the 529 Plan.
