Client Tip for September 2018: 529 EDUCATION SAVINGS PLANS

 In Client Tips


Several changes have been made to the 529 education savings plans with the new tax law that was signed in December 2017. One major change is that an aggregate of $10,000 per year per student can be used to pay for elementary or secondary education tuition. This includes any private or religious school of your choice.

Another change has to do with refunds of tuition or other qualified expenses that were originally paid for with money from the 529 plan. This can occur when a student drops a class in mid-semester. The new rule states that if the refund is redeposited into the 529 plan within 60 days, the refund will be tax-free.

If you have any questions about setting up a 529 plan or about an existing plan, please give us a call.


“When one door of happiness closes, another opens;
but often we look so long at the closed door
that we do not see the one which has been opened for us.”

Helen Keller

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