529 Plans: K-12 Limits Doubled to $20,000

The Update: Families can now withdraw up to $20,000 per year per student for private or parochial school tuition, books, and tutoring. This is a major increase from the previous $10,000 cap and allows families to utilize tax-free growth for current educational needs, not just college.

The Strategy: If you have children in private school, maximizing your 529 contributions now provides a double benefit: tax-free growth and a higher ceiling for immediate use.

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