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The three-page bill would amend the Internal Revenue Code of 1986 to permit kindergarten through grade 12 educational expenses to be paid from a 529 account. ... expand 529 plans to include K-12 ...
529 Plan: These are tax-advantaged savings plans. However, 529 plans may apply only to tuition and have a withdrawal cap of $10,000 per person per year for K-12 expenses.
The original plan, called the Cruz amendment, called for homeschool expenses to also qualify for 529 plans but due to the Byrd Rule in the Senate the homeschool expenses provision was stricken by the Senate parliamentarian while the K–12 tuition provision was allowed.
Originally designed for college expenses, 529 plans can now be used for K-12 tuition at private schools and apprenticeship programs. Funding a 529 plan may have immediate tax benefits in some cases.
While 529 plans were originally created to help pay for college expenses, the plans can now be used for tuition expenses at private schools for grades K-12. Recent tax changes permitted 529 plans ...
So, if you’re paying tuition for grades K-12, you can take advantage of a 529 plan, too. The expansion of the program came about as part of the 2017 Tax Cuts and Jobs Act.
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