State Treasurer Roby Smith is encouraging families to consider using the College Savings Iowa 529 plan to save for education expenses beyond just traditional college. With the ability to withdraw up to $10,000 per year per student for K-12 tuition expenses, the plan offers flexibility for families to achieve their education savings goals.
College Savings Iowa can be used to pay for a variety of education expenses, including tuition, room and board, computers, textbooks, and even repayment of education loans. The plan also provides tax advantages, such as tax-deferred earnings and tax-free withdrawals, making it a smart choice for families looking to save for education.
In addition, Iowa residents can deduct up to $5,500 in contributions per Beneficiary account from their state income taxes, providing an additional tax benefit for participants. To learn more about the College Savings Iowa plan and how it can help families save for education expenses, visit CollegeSavingsIowa.com or call (888) 672-9116.
By expanding the mindset around 529 plans and highlighting the benefits of College Savings Iowa, State Treasurer Roby Smith hopes to support families in their education savings journey, no matter what their goals may be. Connect with College Savings Iowa on social media to stay informed on current events and updates related to the plan.
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