FYI: Families with children in private or parochial school will be able to tap their college savings plans to pay for up to $10,000 in tuition and other expenses in the new year, thanks to a provision in the tax overhaul bill going into effect in 2018.
This will require some new math for families and financial advisors, whose saving formulas focused on much longer time horizons for college savings. The 529 plans, named after the Internal Revenue Code section that created them in 1996, offer tax-free growth. More than 30 states allow some kind of tax deduction on money going into accounts.
Regards,
Ted
https://www.fa-mag.com/news/u-s--tax-overhaul-requires-new-math-for-529-savings-plans-36303.html?print
