New Tax Code Could Impact College Decisions
College Inside Track President Chris Wills was featured on KSTP TV discussing how the new tax code may affect college planning.
Among the changes:
- Minnesota residents can now qualify for a tax deduction or tax credit, depending on their income level, for making contributions to a 529 college savings plan.
- Families can now withdraw up to $10,000 per year from 529 Plans for qualified K-12 tuition expenses
- Home equity interest is no longer deductible, making that strategy to pay for college less desirable
- Up to $15,000 per year can be transferred without penalty from 529 Plans into ABLE accounts for people living with disabilities.