By: Donovan W. Mann – [email protected]
Des Moines, IA – Iowa’s state treasure announces increased college savings deduction amount for the New Year.
Announced via a release, State Treasurer Michael Fitzgerald announces the College Savings Iowa 529 Plan state tax deduction has increased for 2021. Iowa taxpayers own College Saving Iowa accounts can now deduct the first $3,474 they contribute per beneficiary account from their state taxable income. Treasurer Fitzgerald says this is an “ideal scenario for those who want to keep more money in their pocket while saving for future education.”
College Savings Iowa is a 529 program that lets parents, grandparent, friends and relatives invest for education expenses on behalf of a future scholar. For more information about the program visit CollegeSavingsIowa.com or call (888)672-9116