Under the new tax law, the definition of a 529 plan’s “qualified education expense” has been expanded to include K-12 expenses. The new tax law also allows 529 plan owners to transfer funds from a 529 plan to an ABLE plan without federal tax consequences.
529 College Savings Plans are state-sponsored savings plans used to save for college or other higher education. 529 plans provide many tax benefits and distributions may be taken tax-free when used for qualified education expenses. Read on to learn more.