Time is running out for those who want to take advantage of the tax benefits of the College Savings Iowa program for this year. State Treasurer Micheal Fitzgerald says if you want your contributions to your child’s college fund to count toward your 2004 tax deductions, you need to have it in by the end of the month. He says you have to have the contribution turned in by December 31st. He says I-R-As and other plans give you until April 15th to make a contribution for the 2004 year, but he says December 31st is the drop-dead date for this program. Contributions postmarked by December 31st will also qualify. Fitzgerald says you can deduct 2200 and $90 for each of your kids in the program. He says you can find out easily how much you’ve contributed thus far. You can go on-line at collegesavingsiowa.com and find your balance. Or you can call Fitzgerald’s office and they’ll let you know the balance. Fitzgerald says the earnings on the College Savings Iowa funds are exempt from federal taxes if they’re used to pay legitimate college expenses.
