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Choose a school that fits your budget. Deciding how to pay for college starts when choosing your school. ... for your 529 savings include tuition, room and board, books, supplies, required ...
While the 529 plan was developed to allow families to save for college, its mandate has since been expanded to include K-12 tuition at private schools, as part of the changes from the 2017 Tax ...
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 ...
As an additional tax benefit, 37 states and the District of Columbia offer an annual state tax credit or deduction for contributions to 529 college savings plans. Less tax can mean more money for ...
Paying college expenses directly from a 529 account may reduce eligibility for the American Opportunity Tax Credit, due to IRS coordination restrictions. To claim the full credit (in addition to meeting other criteria, such as income limits), $4,000 of college tuition and textbook expenses per year should be paid from non-529 plan funds. [26]
Option 1: Education Savings Account. With a Coverdell Education Savings Account (ESA), you can make tax-free withdrawals when the funds are used for qualified education expenses.