Expanded 529 Accounts: Funding K-12 Education and Homeschooling Expenses.
This Act expands the use of 529 savings accounts, traditionally reserved for higher education, to cover a wide range of expenses for kindergarten through 12th grade (K-12). Citizens can now use these tax-advantaged funds without penalty to pay for tuition, curriculum materials, tutoring, and educational therapies at public, private, religious, and homeschool settings. This change provides families with greater financial flexibility and choice in their children's elementary and secondary education.
Key points
529 Account Expansion: Funds can now be used for tuition and expenses related to K-12 education, including elementary and secondary schools.
Homeschooling Support: 529 funds can cover curriculum, instructional materials, and other costs associated with homeschooling.
New Qualified Expenses: Includes tuition, books, online materials, standardized test fees, and educational therapies for students with disabilities.
Financial Benefit: Families gain tax-advantaged means to pay for current educational costs, increasing financial relief and educational options.
Expired
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