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New tax break for private K-12 tuition begins this school year

A new state tax break is available this school year to help parents pay for private K-12 school tuition – a development triggered by the federal tax overhaul. The state has for years allowed parents to avoid paying state income taxes on up to $10,000 each year that they put into a college savings account, known as a 529 CHET account. In addition, they have not had to pay taxes on the money when it is withdrawn or on the investment earnings when they use it to pay for college. Now, those state tax benefits have been extended to allow parents and relatives to also use these 529 accounts for private, elementary and secondary school. That’s because the federal tax law that was changed last December on these accounts extends a federal tax benefit to include K-12 tuition. Continue Reading →

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