New Tax Bill Allows 529 Plans to Pay for Private School

It’s not a secret that the new federal tax bill, signed into law at the end of 2017, brought some colossal changes to the tax code in 2018. One of these changes is the new ability to use 529 plans for private school education before college. In the past, 529 plans were used exclusively for college-related expenses including cost of tuition, room and board, textbooks, and more.

For many families, this change will have a positive impact on their finances as they send their kids to private school already. However, it’s important that you know how to use your 529 plan funds, and that you understand whether using them for K-12 education or college expenses will carry the biggest benefit for you and your family.

To learn more about the change in how 529 plans can be used, read Tim’s full article on the topic in the Columbia Daily Tribune.

As a financial planner specializing in comprehensive financial planning, Tim enjoys helping clients in Columbia, MO with managing their taxes, financial risks and other financial issues.

If you would like to learn more about this and other personal financial planning topics serviced by Clarity Financial please contact us at 573-447-7007. Clarity Financial, LLC is a fee-only financial advisory firm in Columbia, MO. Appointments are welcome and initial consultations are free. 

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This article is the property of Clarity Financial LLC.