House bill would extend 529 use for K-12 expenses
A bill (H. R. 5932) introduced by Rep. Ann Marie Buerkle (R-NY) into the House of Representatives on June 8, 2012 would permit tax-free distributions from 529 plans to cover qualifying elementary and secondary school expenses (K-12).
The bill has been referred to the House Ways and Means Committee.
The definition of qualifying elementary and secondary school expenses would generally follow the Section 529 definition of qualified higher education expenses, with some modifications for room and board expenses. This is not the same definition of eligible elementary and secondary school expenses contained in Section 530 of the code relating to Coverdell education savings accounts, which is due to expire at the end of 2012.
For more information, click hereReturn to 529 News centerThe bill has been referred to the House Ways and Means Committee.
The definition of qualifying elementary and secondary school expenses would generally follow the Section 529 definition of qualified higher education expenses, with some modifications for room and board expenses. This is not the same definition of eligible elementary and secondary school expenses contained in Section 530 of the code relating to Coverdell education savings accounts, which is due to expire at the end of 2012.