Paying for college is a big financial undertaking. Next to buying a home, paying for college will often be the next largest expense a family will usually make. In this episode of the Paragon Podcast Evan Shorten and Elean Mendoza discuss four things you should do in the four year before your child starts college.
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.