529 Plans – Education Savings Plans
Michelle Camoirano2018-04-04T12:24:14-07:00The tax overhaul bill passed by Congress in December 2017 provided a change to the College 529 plans. Formerly, these plans only provided preferential tax treatment of account distributions if the money was used for higher education. The new tax bill now allows tax-free distributions for primary and secondary private education for up to $10,000 per plan beneficiary. Distributions are paid to the owner/trustee of the account and are for tuition only. For years, 529 plans have allowed parents, grandparents and others to contribute money to an investment account that allows tax-free growth of investment returns and tax-free distributions as long [...]