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Tax Reform Now Includes K-12 Costs in Expanded Section 529 Deductions

Tax Reform Now Includes K-12 Costs in Expanded Section 529 Deductions

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March 2018

Residents of the District of Columbia and 35 states can take advantage of either a full or partial state income tax deduction for contributions to an investment-type savings plan specifically made for college savings, called a 529 plan. 

These 529 plans are funded through financial institutions designated by each state and sponsored by individual states. The enactment of the Tax Cuts and Jobs Act in December 2017 expands the tax-free withdrawals to include K-12 private school and home schooling costs from what used to be tax-free 529 distributions only for college expenses.

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