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Posted: 2/15/2022 2:44:13 PM EDT
[#1]
Every state has its own rules. Your school should know what’s allowed. Ask them.
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Posted: 2/15/2022 2:58:34 PM EDT
[#2]
More at link. Always check with a tax person.
Forbes:Can You Use A 529 Plan For K-12 Home Schooling? Thanks to changes enacted in the Tax Cuts and Jobs Act, which was signed into law in December 2017, families are able to use funds in an eligible 529 college savings plan for more than college tuition and related expenses. Based on this law, each family can also use up to $10,000 in 529 funds for private K-12 tuition without any federal taxes or penalties. With so many families across the United States doing online-school, a lot of parents are asking if they can use a 529 plan to cover expenses related to this - such as technology, internet access, and more. Let’s break down what you need to know about using a 529 plan for something besides college education. |
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Posted: 2/15/2022 3:12:33 PM EDT
[#3]
I’m not judging any man’s means.
If you can pay out of pocket and let the 529 grow, that would be ideal. There are very few benefits of a 529, with time being the greatest. |
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Posted: 2/15/2022 3:22:52 PM EDT
[#4]
Quote HistoryQuoted: I’m not judging any man’s means. If you can pay out of pocket and let the 529 grow, that would be ideal. There are very few benefits of a 529, with time being the greatest. This is good advice, especially with the rising costs of college tuition. The 10% penalty for unqualified use sucks, but they money has already been put a 529 and there's no going back. |
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Posted: 2/15/2022 3:59:59 PM EDT
[#5]
Quote HistoryQuoted: More at link. Always check with a tax person. Forbes:Can You Use A 529 Plan For K-12 Home Schooling? Thank you! Excellent article. Talked with our tax guy and he sent me this: “Up to $10,000 per year per designated beneficiary from all 529 plan accounts for tuition in connection with enrollment or attendance at a private, religious or public primary or secondary school is a qualified expense.” So now trying to figure out if our school is classified as a religious school, which should work, or something else. Also looked up the Alabama def of schools. https://oese.ed.gov/state-nonpublic-education-regulation-map/alabama-state-regulations/ Looks like religious schools are similarly classified as a homeschool in Alabama, unless you want to be certified as a private school in the state. Seems very open. |
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Posted: 2/15/2022 4:03:32 PM EDT
[#6]
Quote HistoryQuoted: This is good advice, especially with the rising costs of college tuition. The 10% penalty for unqualified use sucks, but they money has already been put a 529 and there's no going back. Quote HistoryQuoted: Quoted: I’m not judging any man’s means. If you can pay out of pocket and let the 529 grow, that would be ideal. There are very few benefits of a 529, with time being the greatest. This is good advice, especially with the rising costs of college tuition. The 10% penalty for unqualified use sucks, but they money has already been put a 529 and there's no going back. The kids have a much larger non 529 (but) state sponsored tuition fund from the other Grandparents. That one will remain untouched. Our budget is tight because the wife is staying home right now (which we both prefer). |
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