DES MOINES, Iowa — Iowa State Treasurer Roby Smith is offering an year-end ISave 529 giveaway to coincide with the holidays.
The giveaway's prize of an ISave 529 $5,290 contribution can be won by applying at www.isave529.com before Dec. 31 of this year. "It's the perfect gift that can ensure your child's dreams are as unique as they are," Smith said.
ISave 529, which was created in 1998 under the original name College Savings Iowa, is an investment account designed with education in mind. Investments in the account grow with federally tax-deferred earnings and distributions from the account are tax-free when used for qualifying education related expenses.
Qualified education expenses include tuition, room and board, book, computers and other educational supplies. They can be used towards two or four-year college educations, apprenticeship programs and trade schools. K-12 tuition also qualifies, and the account can be rolled into a Roth IRA or qualifying student loans as well.
Certain tax benefits are also available such as income tax deductions for parents or adults providing to the account.
“Investing in a child’s education will last a lifetime,” continued Smith. “Whether they become a doctor, teacher or artist, a solid education is the foundation of their success. Saving and contributing to an ISave 529 account could be one of the most important gifts of all; the gift of education.”
