Blog by Brian Biggs, CPA – Storen Financial

Our CollegeChoice 529 Rep visited our office recently and these were the top tips and tricks that we came away with from that meeting…

1. Distributions for k-12 or college can come out of the same account and contribution credit is now the same. K-12 specific rules — K-12 must be for tuition only and limit to $10K per beneficiary per year and only used an Indiana school (k-12 only).

2. When account is open, will be asked the goal of account (k-12 or college) but this does not restrict future uses. Do not need two account.

3. Qualified Education expenses include internet access costs and software (except games or hobby software)

4. Check for eligible institutions at www.savingforcollege.com. Includes foreign and nontraditional schools.

5. SECURE ACT includes provision that would allow for up to $10K of CC529 funds be used for student loan repayment. SECURE ACT has not yet been approved by Congress.

Click here to learn more about CollegeChoice plans.