Planning Briefs
Five Key Factors In Funding A Child's Education
Published Wednesday, December 19, 2018 at: 7:00 AM EST
The Tax Cuts And Jobs Act (TCJA) changed funding a child's education significantly. Here are five factors to consider.
1. You can now pay tuition for kindergarten through 12th grade at private, public or religious schools with money saved in tax-advantaged 529 college savings accounts.
2. You now can draw up to $10,000 federally tax-free per student from a 529 plan. While contributions are not deductible, earnings grow free of federal income tax on withdrawals used for qualified school expenses.
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