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New 529 Plan Rules

Last update on: Mar 15 2020

The Tax Cuts and Jobs Act made some changes to 529 savings plans, which I discussed in Retirement Watch. This article says many parents still aren’t making use of the provision and explores the reasons why.

They may be concerned their funds in a 529 plan could reduce their child’s chances of being awarded a scholarship for their precollege education, he said.

“If you have resources available to pay for private K-12, then maybe that’s going to be considered when you apply for financial aid,” Kantrowitz said.

“It’s a well-founded concern,” he added. “Some schools have said that they’re going to start considering 529 plans when asking parents about their assets.”



May 2021:
Congress Comes for your Retirement Money
A devastating new law has just been enacted, with serious consequences for anyone holding an IRA, pension, or 401(k). Fortunately, there are still steps you can take to sidestep Congress, starting with this ONE SIMPLE MOVE.

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