529 Tuition Plans

Tax changes for this year include the ability for you to now utilize 529 plan dollars for K-12 education expenses, not just for higher education expenses. Pennsylvania taxpayers may be able to deduct up to $14,000 in contributions to 529 plans per beneficiary per year, or $28,000 if married filing jointly, assuming each spouse has an income of at least $14,000. Check with your accountant or financial advisor to determine how this applies to your situation.