On December 22, 2017, Congress passed a new tax reform measure which resulted in an expansion of the 529 college savings plans to save for future education costs. Qualified higher education expenses have been expanded to include K-12 tuition. You are now permitted to take 529 college savings plan distributions of up to $10,000 per beneficiary per year for tuition at an elementary or secondary public, private, or religious school. In addition, rollovers are now permitted from 529 plans to Achieving a Better Life Experience (ABLE) accounts. Distributions for K-12 tuition are not available from the Maryland Prepaid College Trust.
Read our K-12 flyer for addtional information on what you need to know.