Statewide Iowa — State Treasurer Michael Fitzgerald says the amount you can take for a 2020 Iowa income tax deduction in the College Savings Iowa plan has increased.
That is an increase of 52 dollars from the amount you could deduct for the 2019 tax year.
He encourages all parents to start a savings plan.
Fitzgerald says the College Savings Iowa money goes toward most college expenses.
Fitzgerald says it’s easy to start a savings plan for your child.
If you already have a College Savings Iowa account, Fitzgerald says you still have time to put money in and get a tax break on your 2019 returns.
Fitzgerald says College Savings Iowa has more than 248-thousand active accounts and almost three billion dollars has been used for qualified educational expenses.
