Do you need to withdraw funds to pay college bills for the beneficiary of your College Savings Iowa™ account? If so, we will promptly mail the funds to you, the student beneficiary of your account, or an eligible college or university as soon as we receive your withdrawal instructions.

You can request a withdrawal through our website in one of two easy ways:

• Log on, then click the account number you wish to act on. Select "Asset Management," then click "Make a Withdrawal," and tell us how much to withdraw and who should receive the funds. We'll take it from there. This is the fastest and easiest way to make a withdrawal.
  
  
• Download the Withdrawal Request Form, then print, complete, and mail the form to us. To avoid processing delays, make sure you've filled out all sections of the form. Also, make sure you factor mailing time into your planning.
  
  

Some colleges and universities now require a student identification number (ID) on withdrawal checks. If you request a withdrawal online, include the student ID in the "Memo" section. If you mail your request, include the student ID in Section 4 of the form, after the telephone number. If this information is not included, the school may return the check, which could delay your tuition payment.

All qualified withdrawals requested online or by phone may be sent to the school or the beneficiary by check, or to the account owner electronically (if bank instructions are established on your account) or by check. If a paper check is requested, it will take longer for the recipient to receive the money, due to mailing time.

You don't have to pay federal or Iowa state income taxes on distributions from your account if the funds are used for qualified education expenses. The earnings portion of nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.