The 411 On 529 Savings Plans

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For years college savings accounts could only be used for qualified college education expenses. Now, 529 college savings plans can be used to pay for private school.

“The tax change that passed in December 2017 included legislation to expand the use of 529 plans to cover tuition for K-12 education.” – Reyna Gobel

Although these college savings plans are supposed to be used for your child’s higher education, the money saved in these accounts can now be used for different situations.

In this episode of Financial Fornicating with Madam Money Podcast, Financial Advisor Kevin Matthews II, of BuildingBread.com, shares

• What a 529 Savings Plan is
• 529 Savings Plan Pros and Cons
• The new changes to 529 Tax Code and how it may benefit you and your family

[ctt template=”8″ link=”bfwUT” via=”no” ]Be sure to contact your State 529 Savings Plan Administrator to confirm Federal changes apply to your State Taxes. – @BuildingBread[/ctt]

About Kevin Matthews II

Kevin L. Matthews II is a licensed financial advisor, author, and speaker. Kevin has helped hundreds of individuals plan for their retirement and send their children and grandchildren to college. In 2010, Kevin launched BuildingBread, to inspire millennials to set, simplify and achieve any financial goal. Kevin regularly speaks to young adults across the country and has been featured in several media publications and productions including The Wall Street Journal, The New York Times, LearnVest, NerdWallet, and many others.

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