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Tax bill provision helps families save on school costs and taxes

Written on August 12, 2019
  • Starting in 2018, you can use up to $10,000 in 529 plan proceeds for elementary and high school costs.
  • 529 plan contributions qualify for the $15,000 annual gift tax exclusion.
  • More than 30 states allow income tax deductions for 529 plan contributions.

As of Monday, parents will be able to ramp up on tax savings to help cover the cost of private school.  The Tax Cuts and Jobs Act has expanded the use of 529 plans – accounts that allow savers to accumulate money and pay for college on a tax-free basis – to include elementary and secondary school expenses at public, private or religious institutions.  That means individuals can take up to $10,000 in distributions annually from their 529 plans to pay for private school tuition and books through 12 grade – in addition to using their account proceeds for college costs.Click on the link below for more information:

https://www.cnbc.com/2017/12/29/tax-bill-529-plan-provision-helps-families-save-on-school-costs-taxes.html

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