I have not found guidance on the subject. With Tax Cuts and Jobs Act of 2017 revisions, K-12 tuition is allowed as a 529 distribution expense. The question is, if your child is enrolled in public school, can the school portion of your property taxes be considered 'tuition', therefore making it a qualified 529 expense?
From https://www.irs.gov/pub/irs-pdf/p970.pdf
Chapter 7. Qualified Tuition Program (QTP)
"Eligible elementary or secondary school. An eligible elementary or secondary school is any public, private, or
religious school that provides elementary or secondary education (kindergarten through grade 12), as determined under state law."
...
Qualified Elementary and Secondary Education Expenses
These are expenses for no more than $10,000 of tuition, incurred by a designated beneficiary, in connection with enrollment or attendance at an eligible elementary or secondary school."
Thank you!
From https://www.irs.gov/pub/irs-pdf/p970.pdf
Chapter 7. Qualified Tuition Program (QTP)
"Eligible elementary or secondary school. An eligible elementary or secondary school is any public, private, or
religious school that provides elementary or secondary education (kindergarten through grade 12), as determined under state law."
...
Qualified Elementary and Secondary Education Expenses
These are expenses for no more than $10,000 of tuition, incurred by a designated beneficiary, in connection with enrollment or attendance at an eligible elementary or secondary school."
Thank you!
Statistics: Posted by Index4Life — Tue Apr 23, 2024 3:57 pm — Replies 4 — Views 258