The state fund that gives you a chance to save for you kid’s college costs and also get a tax break is expanding its investment options. State Treasurer Michael Fitzgerald oversees “College Savings Iowa” — which he says is expanding from four to 12 investment tracks. He says the fund has grown so fast that people have asked for more investment options. Fitzgerald says the new options let parents decide how much risk they want to use in building a college nest egg.He says some people say the stock market has fallen so fast that they want a money market fund as their kids get closer to college, and he says they added that, along with a bond fund and others. He says you can tailor the investment to your liking.Fitzgerald says there are now more than 72-thousand accounts investing in the program. He says people in the fund can leave it the way it is, or they have the option of making changes once a year. Fitzgerald says the Vanguard company will still handle all the investments. If you’re interested, you have a couple of way to sign up. He says contact his office or visit collegesavingsiowa.com and you can get an application blank. The program allows you to deduct up to two-thousand-230 dollars from your state taxes. And withdrawals of the money for education expenses are exempt from federal and state taxes.
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