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Contributing to Kid College Funds
DES MOINES (CBS 2/FOX 28) --
State Treasurer Michael L. Fitzgerald wants to encourage families to start their New Year off with a bang by considering a contribution to a loved one's future education. "With the New Year, comes an increased Iowa state income tax deduction when making contributions to College Savings Iowa," Fitzgerald said. "Iowa taxpayers are now able to deduct the first $3,098 they contribute per child on their 2014 state taxes."
College Savings Iowa is the state sponsored college savings plan that allows participants to start saving on behalf of a future scholar. It lets parents, grandparents, friends and relatives invest for college on behalf of a future scholar. Investors in the plan can withdraw their investment tax-free to pay for qualified higher education expenses. These expenses include tuition, books, supplies and room and board at any eligible college, university, community college or accredited technical training school in the United States or abroad.** While participants do not need to be an Iowa resident to invest in the plan, they do need to be an Iowa taxpayer to take advantage of the Iowa income tax deduction.
For more information about College Savings Iowa, call 888-672-9116 or visit collegesavingsiowa.com. To stay up to date on current giveaways and events, connect with the Plan on Facebook and Twitter (@Iowa529Plan).