For parents or grandparents, 529 plans can be a smart way to save for schooling. Here are recent legislative changes:
Annual contribution limits double in 2018 from $2,000 to $4,000 per beneficiary.
Paying for expenses—
Beginning in 2018, 529 funds can be used to pay not only for college and other post-secondary education and related expenses, but also for tuition connected with elementary or secondary public, private, or religious school.
The earnings of 529 plan accounts are not subject to federal or state tax when used for qualified educational expenses.
Key points to remember when using a 529 to pay expenses:
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