The Secure Act extends the use of a 529 college-savings plan to cover apprenticeships. It also provides more options for using leftover funds.
Leonard SloaneFor many years, “529” education-savings plans have been a tax-advantaged vehicle for parents and grandparents to accumulate funds for a child’s college costs. A new law, enacted at the end of last year, has made these plans even more advantageous.
The Secure Act—which stands for Setting Every Community Up for Retirement Enhancement—covered many changes in federal tax law. One group of changes focused on 529s, providing families with additional options as they plan for the coming school year.
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