Changes to 529 Plans College Savings Plans
Friday, May 01, 2015
by Kathy Nelson
Breaking News!On April 29, 2015, the Senate Finance Committee approved three changes that improve and extend 529 College Savings Plans. The House of Representatives approved a similar bill on February 25, 2015.
- Computers are now considered qualified expenses.
- Distributions-To-Date Calculations are no longer required of Plan Administrators.
- Refunds from a college or university to a student that arise because the student had to withdraw from school because of illness or other reasons are no longer taxable nor are they subject to a 10% penalty as they were in the past.