Please note that this post contains affiliate links and any sales made through such links will reward MageeNews.com a small commission – at no extra cost to you.
Treasurer Lynn Fitch’s Statement on
Upcoming Expansion for College Savings
Federal Tax Cuts and Jobs Act makes K12 tuition a qualified expense
Upcoming Expansion for College Savings
Federal Tax Cuts and Jobs Act makes K12 tuition a qualified expense
Jackson, MS. Upon passage of the comprehensive tax reform legislation by both the U.S. House of Representatives and the U.S. Senate, Treasurer Lynn Fitch made the following statement:
“Congress included in its comprehensive tax reform package a small provision that could have a big impact for Mississippi families – expanding 529 college savings to include tuition for public, private, or religious primary and secondary education as a qualified expense. The new law, which President Trump is expected to sign soon, limits the distributions for this purpose to $10,000 per student per taxable year. And, the provision applies to distributions made after December 31, 2017.
“College Savings Mississippi is excited at this new option for our MACS account holders and we look forward to working with Mississippi families to help them save for all of their loved ones’ education goals. Approximately 49,000 to 54,000 students attend over 230 private and religious schools in Mississippi each year. This new law may help them as well as others who have faced financial impediments to these options.
“In the coming weeks, we expect that there will be additional guidance on this change to 529 plans from the U.S. Treasury. College Savings Mississippi will be working to ensure that there is a smooth transition for all.
“We continue to encourage families that are looking for a meaningful gift for the children and grandchildren in their lives to make a gift of education with a contribution to their College Savings Mississippi accounts. This new tax law change makes that gift even more meaningful. For more information on giving the gift of a lifetime, visit my website at http://www.treasurerlynnfitch.ms.gov/pages/gift.aspx.”
