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.