Updated: Oct 19, 2021
Previously, 529 plan savings could only be used on qualified higher education expenses.
In a major victory for wealthier families, you can now use 529 savings for private K-12 schooling.
Tax benefits are now extended to eligible education expenses for an elementary or secondary public, private, or religious school.
The new rules allow you to withdraw up to $10,000 a year per student (child) for education costs.