Here are three important reasons why you should be saving in the college savings Iowa 529 Plan.
First, you get a tax deduction of about $3,400 per person per year. If you’re married, double that amount. This is a great way for you to save on taxes in the long run while also saving for college.
Second, the college savings Iowa plan can be used at any school. With a recent change in the tax law, not only can you use it at colleges and universities, as well as vocational and technical schools, but now you can use it at K-12 private and public schools as well.
Finally, the set of investments that the plan offers are great. They’re offered through Vanguard. They’re low-cost, well diversified, and a perfect place for you to be saving for the long run for your child.
Need help developing a comprehensive college savings strategy? The Arnold & Mote Wealth Management team is ready to help! Let’s get started.
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