Statewide Iowa — There’s now a mobile app for the College Savings Iowa program. State Treasurer Michael Fitzgerald’s office oversees the plan that allows you to sock away money for your kid’s education.
(as said)”It’s called READY-SAVE -5-2-9, all one long word there. And you can go right to either Apple or Google Play to download it, it’s free. Anytime you have your phone with you, you can call it right up. You can make a deposit or check your balances, you can do it right there,” Fitzgerald says.
Fitzgerald says it also makes it easier for others to contribute to your child’s fund.
(as said) He says aunts, uncles, family, and friends who may want to contribute a few dollars for the child’s birthday or other events can do so — as can owners or anybody who wants to contribute.
Fitzgerald encourages parents to start a College Savings Iowa account as soon as they have kids, as he says even small amounts contributed each year will grow.
(as said)”And of course, the more you can save, the easier it’s going to be, because colleges keep getting more expensive all the time,” according to Fitzgerald.
There is another benefit for parents as well.
(as said)”Iowans can put three-thousand-474 dollars into one child’s account and deduct that much from your Iowa income tax — Iowa, not federal — and it’ll grow tax-free,” Fitzgerald says.
You can then deduct the money to pay qualifying college expenses once your kid is ready. To find out more about how to start an account and the benefits and guidelines — call 888-672-9116 or visit CollegeSavingsIowa.com.