What is a 529 plan?
A 529 plan is a tax-deferred investment that encourages saving for future college costs. As a result of the 2018 tax reform, a 529 plan can now be used to save for both private K-12 and college tuition as well as other educational expenses at the college level. For K-12 education, you can use up to $10,000 per calendar year per student to pay tuition expenses.
What education expenses can I pay for using 529 plan funds?
For K-12 private education, funds from a 529 plan can be applied towards tuition only. For college education, 529 plan funds can also be applied towards tutoring, books, curricular materials, technology, and supplies.
How to make a Marist tuition payment using a 529 plan?
Please coordinate with your plan sponsor to initiate a payment to Marist School. The payment must be received by the Business Office at least 10 business days before your scheduled tuition due date.
How to get started in a 529 plan?
If you have not already started saving with a college and/or private K-12 education with a 529 plan, now is a great time to begin. Funds can be contributed to the plan tax-free, and you can change the beneficiary of any remaining funds even after your child has graduated from college. For more information and tips, please visit savingforcollege.com
. If you have any additional questions, we encourage you to consult your tax and financial advisor.