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Recent Federal News
President Obama drops proposal to tax withdrawals from 529 plans
(January 28, 2015) - The proposal released by President Barack Obama last week to end the ability to withdraw investment earnings from 529 account tax-free has been dropped, according to White House officials. Efforts will be made to work toward delivering a larger package of education tax relief that will have bipartisan support.
HR 529 would provide 529 improvements
(January 27, 2015) - On January 26, 2015, HR 529 was introduced in Congress by Reps. Lynn Jenkins (R-KS) and Ron Kind (D-WI). The bill would provide three improvements to 529 plans:
(1) including computers, Internet, and computer equipment used primarily by the beneficiary as qualified higher education expenses,
(2) eliminating all distribution aggregation requirements, even when multiple accounts exist in a 529 plan with the same owner and beneficiary, and
(3) allow account owners to redeposit contributions to a 529 plan within 60 days after the school issues a refund of qualified expenses due to the beneficiary's withdrawal from school.
President Obama proposes reduction in 529 tax benefits
(January 20, 2015) - In a proposal calling for tax reform in order to better assist middle class families, President Obama has suggested no longer allowing earnings from a 529 plan to be withdrawn tax-free. If the proposal becomes law, it will still allow earnings on new 529 plan contributions to grow tax-deferred, but will treat any withdrawals from the plan as ordinary income. The changes would also apply to prepaid tuition plans.