Effective January 1, 2018, expenses covered by 529 accounts have been expanded to include elementary and secondary school tuition, because of the recent tax-reform legislation. You may now use up to $10,000, each calendar year, from your 529 account for K-12 tuition (public, private, or religious). Please note that the money may come from multiple accounts; however, the $10,000 limit is for each beneficiary. A withdrawal for K-12 tuition expenses in excess of the $10,000, in a calendar year, may result in taxes and a 10% federal tax penalty on the earnings portion of the excess amount.

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