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529 Plan for Tuition

 

New Education Savings Opportunity for Current and Prospective Catholic School Families

The 2017 Tax Cut and Jobs Act expanded 529 savings plans to allow families to invest funds for K-12 tuition in addition to higher education expenses.

What is a 529 plan? Named after section 529 of the tax code, the 529 plan is a tax-advantaged plan operated by a state or an educational institution designed to encourage saving for college. The federal tax advantage is that earnings on funds contributed to 529 accounts are not federally taxed when withdrawals are used for educational purposes. As of January 1, 2018, 529 plans may be used for K-12 education tuition. 

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For questions regarding the 529 plan, please contact Mr. Smith, Business Manager at (586) 585-0500 x 224.