2018 – 10/09 – 529 plans offer two tax-advantaged education funding options

2018 – 10/09 – 529 plans offer two tax-advantaged education funding options

Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. A prepaid tuition plan guarantees tuition regardless of its cost when the child attends the school. A savings plan can fund expenses beyond college tuition on a tax-free basis. The TCJA expands the definition of qualified expenses to generally include elementary and secondary school tuition. However, tax-free distributions used for such tuition are limited to $10,000 per year. Contact us with questions.

10_09_18_87549730_itb_560x292.jpg

Tag:

Tag:

Let’s Discuss Your Financial Success

Our firm has been helping both individuals and businesses create bright futures for their finances since 1977.