What If Your State Doesn't Allow 529 Withdrawals for K-12?
We take a look at the pros and cons of using 529 assets for elementary and secondary private school tuition.
The passage of the Tax Cuts and Jobs Act ushered in significant changes to 529 accounts. Before that, 529 plans were strictly college savings vehicles: Only qualified higher education expenses were eligible for penalty-free, tax-favored withdrawals.
Now, however, up to $10,000 per year, per beneficiary can be used for tuition expenses "in connection with the enrollment or attendance of the beneficiary as an elementary or secondary school student at a public, private, or religious school."