529 Plans
Remember earlier when we mentioned helping out children or grandchildren with their education? Yep, there’s a tax benefit for that too. More specifically, we’re talking about 529 plans.
If it’s been a while since you’ve heard of these plans and think they’re of not much help because they could only be used at eligible colleges and university, rest assured that things have changed for the better. You may now cover up to $10,000 per year for any school and any grade.
That means that your grandchildren can be covered starting from kindergarten. Furthermore, private, public, and religious institutions are included in this plan.
If the child has a disability then you also have the option of rolling your current plan into an ABLE 529 plan.
