State Treasurer Michael Fitzgerald recently awarded a $529 College Savings Iowa contribution to the McLoughlin family of Clarion. Four and a half month-old Celia was randomly drawn as the Wright County winner for the 2021 College Savings Iowa 529 Day Giveaway.
"I'm pleased to award this contribution and help boost education savings for another Iowa family," Fitzgerald said.
Celia’s parents are doctors Michael and Andrea McLoughlin of Clarion. They were pleased to learn little Celia’s name was drawn. “Clearly Celia is the lucky one in this family,” they said. “Winning something for college is even better than winning one of those vacation sweepstakes or free cars in the mall that no one ever actually seems to win.”
College Savings Iowa celebrated 529 Day with a $529 giveaway in each of Iowa's 99 counties. One grand prize recipient received a $1,529 College Savings Iowa contribution and was selected from all entrants across the state. "It's a rewarding experience to be able to help 100 different families with their future," Fitzgerald said. "No matter what stage they are in their savings journey, I'm hoping these contributions will inspire an increased motivation to achieve their dreams."
College Savings Iowa is a 529 program that lets parents, grandparents, friends and relatives invest for education expenses on behalf of a future scholar. If an Iowa taxpayer is a College Savings Iowa participant, they can deduct up to $3,474 in contributions per beneficiary account from their state taxable income in 2021.
With funds and earnings from a College Savings Iowa account, families can pay for qualified expenses like tuition, room, board, books, supplies and more at any accredited program. The education institution does not have to be in Iowa and includes colleges, universities, community colleges, trade schools, apprenticeship programs and more. College Savings Iowa holds over $6 billion in assets and more than $3.5 billion has been withdrawn for qualified education expenses.
