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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 ...
For example, in 2018, the IRS expanded the law in 2018 to allow 529 owners to use up to $10,000 per year to pay for tuition at K-12 schools. Pros and Cons of 529 Plans The main attraction of a 529 ...
529 plans can be a great way to save for education expenses on a tax-free basis. ... these plans can now also be used to pay for K-12 tuition at private schools and apprenticeship programs ...
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
Also, as with traditional 529 college savings plans, earnings in a prepaid tuition plan grow tax-free, and you won’t pay any taxes on withdrawals as long as they’re used for qualified ...
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.
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