Up to $10,000 per year from 529 Plans for K-12 in New Tax Bill

Just a heads up for parents here. It looks like the new tax plan as adopted by the Senate includes a provision allowing parents to withdraw up to $10k per year from 529 Plans in order to pay tuition and expenses at private and religious elementary and high schools, and for homeschooling expenses. The language seems pretty broad, and it looks to me like it could be stretched to cover the cost of online courses (and perhaps academic summer camps) “in connection with” K-12 education.

The language of the amendment as adopted is here: https://www.cruz.senate.gov/files/documents/Bills/1852.pdf

This is a small issue in the larger scheme of tax reform (but no doubt important for many of us), so I expect it to be included in the final legislation.

This would be a nice change.

Wow! Nice for the years prior to high school but I do wish for those of us not receiving any financial aid via FASFA that at least our college tuition payments were tax deductible.