Tax Cut and Jobs Act (TCJA) | 529 plans | Lexington KY Tax Attorney

529 Plans Expanded

529 plans have been a tax-advantaged way to save for college costs. The Tax Cut and Jobs Act (TCJA) tax law expands the use of tax-free distributions from these plans, including paying for elementary and secondary school expenses for private, public and religious school, as well as some home schooling expenses. Educational therapies for children with disabilities are also included. There is a $10,000 annual limit per student.

If you would like to discuss the implications of this change to your tax situation, call Gayheart and Campbell, PLLC at 859-276-6193 or request a consultation here. For more information about the TCJA’s provisions, visit our main informational page here.