Lions, Tigers and College Savings Iowa

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Lions, Tigers and College Savings Iowa


Lions, tigers…and college savings? College Savings Iowa and State Treasurer Michael Fitzgerald have teamed up with Blank Park Zoo to encourage healthy minds and healthy bodies. What better way to take care of your family than to save for their future? We’ll help get you started!

Sign up and win $1,000! As a way to encourage families to start saving early, College Savings Iowa is giving away a $1,000 College Savings Iowa account this summer. Learn more about the program and register for the giveaway by visiting before July 31. 

College Savings Iowa offers families a tax-advantaged way to save money for their children’s higher education. It only takes $25 to open an account, and anyone – parents, grandparents, friends and relatives – can invest in College Savings Iowa on behalf of a child. Participants who are Iowa taxpayers can deduct contributions up to $3,045 per beneficiary from their 2013 adjusted gross income, and there are no income or residency restrictions.* Investors 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 accredited technical training school in the United States or abroad. 

*Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. The earnings portion of non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.

06/19/2013 10:51 AM |Add a comment
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