Section 529 Plans are education savings plans. Unlike in the past distributions can now be taken of up to $10,000 per student from these education savings accounts each year for purposes of paying for tuition for public, private, or religious elementary or secondary schools.
The old rules would only allow qualifying distributions to pay for "higher education" - i.e. college.
If you, or someone in your family, have a qualifying disability and are able to utilize an ABLE account, there are some additional benefits - I'm not going to get into them here because they won't impact enough people, but it's worth mentioning just in case one of you wants to look into it further.
We are on top of this new tax law here at LCI Taxes and are ready to help you and your family prepare for these changes as well as any others that may be forthcoming. Give us a call at 386-586-3976 with questions or to schedule your appointment!
Chris Kocher CPA