Reported 1 day ago
The Trump tax bill significantly alters 529 education savings plans, enabling parents to withdraw up to $20,000 annually for K-12 expenses, including non-tuition costs like tutoring and educational therapies. This expansion is aimed at benefiting families with various educational needs, but critics note that access may still be limited for lower-income households and primarily serves those in higher tax brackets. Additionally, a new investment option called 'Trump accounts' is introduced for children, emphasizing the continued relevance of 529 plans for educational savings.
Source: YAHOO