The price of tuition, housing, books, and other expenses add up fast - and younger generations are graduating with thousands in debt. With some extra help - and smart planning - families are working to ensure that a college education doesn’t have to mean decades of student loan payments.
529 college savings plans are a great way for families to come together to help give the gift of a college education.
The tax plan signed into law on December 22, 2017 by President Trump includes provisions related to 529 college savings plans. Language in the bill includes the expansion of qualified education expenses in Section 529 of the Internal Revenue Code to include expenses for K-12 as well as other provisions.
Please check with the individual state 529 plan you are considering to learn how withdrawals for private K-12 tuition will be handled from a state tax standpoint.