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Tax Hot Tip — 529 Accounts

As a reminder for tax preparation and planning, these popular college related accounts are now more flexible!  Under previous tax treatment, the distributions were allowed only for qualified higher education (i.e., college).

Under the new tax treatment, distributions of up to $10,000 per student are also allowed for tuition at public, private, or religious elementary or secondary schools.  Remember, the limitation is on a per-student basis.

Additionally, 529 accounts can also be used for home school expenses including:

  • Curriculum and curricular materials
  • Books or other instructional materials
  • Online educational materials
  • Tuition for tutoring or educational classes outside of the home (but only if the tutor or instructor is not related to the student)
  • Dual enrollment in an institution of higher education
  • Educational therapies for students with disabilities

 

If you have any questions, IAG Forensics and Valuation is here to help!  Please contact Dan Branch — 770-635-1582 or dan@iagforensics.com.

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Dan Branch

Dan Branch is a graduate of the U.S. Naval Academy, has an MBA from Emory University’s Goizueta Business School, is a Certified Public Accountant (CPA), holds the Accredited in Business Valuation (ABV) certification from the AICPA, and also holds the Accredited Senior Appraiser (ASA) designation in business valuation from the American Society of Appraisers, and has over fifteen years experience in various types of financial advisory and business valuation engagements.

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