New Tax Law Update – 529 Plans
- Savingforcollege.com: What is a 529 plan?
- Savingforcollege.com: State by state comparison of plan details
- Schwab: Estate planning through planned gifting
- Kiplinger: Generous Grandparents
What can schools do now?
- Prepare for the possibility of a new IRS filing requirement.
- Learn about your state’s 529 plan documentation requirements.
- Keep abreast on any state-level advocacy for state law changes pertaining to 529 plans.
- Think about how to handle financial aid decisions now that 529 savings are eligible funds for tuition expenses.
- Communicate internally to ensure school personnel are not providing any type of tax advice.
- Develop a communication plan for families AFTER these steps have been taken.