The Tax Cuts and Job Acts made changes to Section 529 College Savings Account Plans to include distributions from Qualified Tuition Plans for elementary and secondary education tuition, effective 01/01/2018.  These non-taxable distributions are limited to $10,000 per designated beneficiary per year, not per account.  Any excess distributions would be treated as taxable income.

Funds for homeschooling expenses are not included and you cannot use 529 plans to pay for homeschooling expenses.

The 529 Plan changes may effect your tax planning strategy.  Contact an MCB Tax Advisor at 703-218-3600 to help with your tax needs.

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