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Important News: Federal legislation signed by President Trump includes changes to Section 529 college savings plans
The tax plan signed into law on December 22, 2017 by President Trump includes provisions related to 529 college savings plans. Effective January 1, 2018, qualified withdrawals for federal tax purposes have been expanded to include up to $10,000 in tuition per student in connection with enrollment or attendance at public, private, or religious elementary or secondary schools.
Only the federal tax treatment for qualified distributions was changed by the federal tax plan. At this time, states are reviewing the impact of the federal tax change to determine whether they require changes to state legislation. Additional updates pertaining to the state tax treatment for K-12 withdrawals are forthcoming.
We recommend you consult a qualified tax advisor about your own personal situation.