From the State of Georgia website on the Path2College 529 Plan the following language was added:
“Effective January 1, 2018, distributions for tuition in connection with enrollment or attendance at an elementary or secondary(i.e. middle school and high school) public, private, or religious school are Georgia and federal income tax free up to a maximum of $10,000 of distributions for such tuition expenses per taxable year per Beneficiary from all 529 plans”.
Formerly these plans were for savings for college, but this year the law changed to include children in K-12 grade private schools. The “beneficiary” is the “student”, and the $10,000 limit is for students in grades K-12. Your 529 Plan investments grow tax free, and withdrawals can be used to pay for tuition, and other charges considered to be eligible expenses at a private school. Parents, Grandparents, or even your relatives and friends can have these plans.
This is a great way for you to pay for your tuition and save federal taxes. If you don’t currently have a Path2College 529 Plan, you may want to explore opening one. For more information you can go to https://www.path2college529.com. Please consult with your tax advisor for all the details.