Iowans have a chance to win over $5,000 for their child or grandchild’s education through the ISave 529 September giveaway. Iowa State Treasurer Roby Smith reminds Iowans to enter the College Savings Month contest to win a $5,290 account contribution. The giveaway celebrates College Savings Month, encouraging families to save for future education costs. Smith says, “Given the increasing costs associated with all forms of education, ISave 529 offers families a way to save for their children’s future. To help, we’re giving one Iowa family a $5,290 account contribution to invest in their child’s dream – that’s enough for a full year’s tuition at a community college in Iowa!” Iowans can register at Iowa529Contest.com before Sept. 30. ISave 529, formerly College Savings Iowa, allows parents, grandparents, and others to invest in a child’s education. Earnings grow federally tax-deferred, and qualified withdrawals are tax-free. Iowa taxpayers can deduct up to $5,500 in contributions per beneficiary from their 2024 state income taxes. The program recently underwent a name change, as accounts can be used for more than college-related expenses. Money saved in ISave 529 can be used for tuition, room and board, but it also includes K-12 private school tuition as a viable option.
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