John Saccardi, CPA explains the recent changes to 529 Plans.
College Savings Plans (529 Plans) can provide great tax benefits to people trying to save for their children’s or grandchildren’s college education. These plans can be set up for just about anybody though (a relative, friend or yourself)!
Prior to the Tax Cuts and Jobs Act (TCJA), 529 Plans already offered the following benefits:
- All Distributions, including earnings (which are considered capital gains), use