Treasurer Fitzgerald awards $529 college savings Iowa contribution to Storm Lake family
State Treasurer Michael L. Fitzgerald recently awarded a $529 College Savings Iowa contribution to the Brostad family of Storm Lake as part of the 2021 College Savings Iowa Child Care Giveaway. Two-year-old Emma, who attends Ready, Set, Grow, was randomly drawn as the Northwest region winner.
“Child care providers have a significant impact on the lives of our children,” said Fitzgerald. “Teaming up with them to get information about College Savings Iowa into the hands of parents was an easy decision.” Through the 2021 College Savings Iowa Child Care Giveaway, the plan awarded a $529 College Savings Iowa contribution to a family in central, southwest, southeast, northwest and northeast Iowa regions.
The Brostad family was thrilled to receive a College Savings Iowa contribution. “College Savings Iowa 529 plans are an excellent way to save for your children’s future and receive a tax deduction on your state of Iowa year-end filing,” said Matt Brostad. “My wife and I opened Iowa 529 accounts for all three of our daughters shortly after each one was born. With regular contributions each month, it’s amazing how quickly the accounts grow. I feel very fortunate to be able to utilize College Savings Iowa 529 plans for our daughters, and thanks to these accounts, am confident their college costs will not be a financial burden for us when the time comes.”
College Savings Iowa is a 529 plan that lets parents, grandparents, friends and relatives invest for education expenses on behalf of a future scholar. If an Iowa taxpayer is a College Savings Iowa participant, they can deduct up to $3,474 in contributions per beneficiary account from their state taxable income in 2021.*
With funds and earnings from a College Savings Iowa account, families can pay for qualified expenses like tuition, room, board, books, supplies and more at any accredited program. The education institution does not have to be in Iowa and includes colleges, universities, community colleges, trade schools, apprenticeship programs and more. College Savings Iowa holds over $6.3 billion in assets and more than $3.5 billion has been withdrawn for qualified education expenses.