Under the new law, 529 savings can be used towards elementary, high school or homeschool expenses. Families will be allowed to withdraw up too $10,000 per year, tax-free. This is a benefit for parents who want to homeschool their child or enroll them in a private or religious school for K-12.

What expenses can 529 be used for?

Qualified expenses that 529s cover. A tax-advantaged 529 college savings plan can be used to pay for college, but not all expenses qualify.

Can I use 529 to pay for Internet?

Technology Items – You can use a 529 plan to cover technological needs such as computers, printers, laptops and even internet service. These items must be used by the plan beneficiary while enrolled in college.

Can a 529 plan be used for college?

Families can use funds from 529 plans to pay for expenses at beauty schools, too. College savings plans with tax benefits, called 529 plans, aren’t just for the traditional, four-year college experience at a U.S. university.

Can a 529 plan be used for beauty school?

Families can use funds from 529 plans to pay for expenses at beauty schools, too. (Peathegee Inc/Getty Images) College savings plans with tax benefits, called 529 plans, aren’t just for the traditional, four-year college experience at a U.S. university.

Can a 529 plan be used for culinary school?

Culinary school can be paid for with college savings. Although 529 plans allow savings to grow on a tax-deferred basis, the earnings are subject to taxes and a 10 percent penalty if not used at an eligible institution or for qualified education expenses.

Can a 529 plan pay for AP test fees?

While AP test fees can’t be paid for from 529 plan savings, in some cases CLEP fees can – if they are taken during college, Fitzgerald says. “If the student is already enrolled in college and is …