Proposed GOP tax bill includes provisions affecting education savings
The Tax Cuts and Jobs Act bill introduced by House Republicans on November 2nd includes a few provisions that could directly affect college savers. The bill proposes to eliminate Coverdell Education Savings Accounts (ESAs) and end all contributions to these accounts after 2017. The provision allows for tax-free rollovers of existing Coverdell ESAs into 529 plans. Another provision expands the list of qualified expenses allowed for 529 plans to include $10,000 per year of private elementary or high school expenses, as well as costs of apprenticeship programs.
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