529 plans (expanded to K-12 education)
GPTKB entity
Statements (50)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
education savings plan
|
| gptkbp:administeredBy |
states
|
| gptkbp:allows |
tax-advantaged savings for education expenses
|
| gptkbp:approvedBy |
gptkb:Internal_Revenue_Code_Section_529
|
| gptkbp:benefit |
gptkb:student
tax-free growth tax-free withdrawals for qualified expenses |
| gptkbp:contributedTo |
parent
grandparent other individual |
| gptkbp:covers |
apprenticeship programs
college expenses K-12 education expenses student loan repayment (limited) |
| gptkbp:expansion |
gptkb:Tax_Cuts_and_Jobs_Act_of_2017
|
| gptkbp:expansionEffectiveYear |
2018
|
| gptkbp:federalTaxDeduction |
no
|
| https://www.w3.org/2000/01/rdf-schema#label |
529 plans (expanded to K-12 education)
|
| gptkbp:impactOnFinancialAid |
considered parental asset
|
| gptkbp:investedIn |
varies by plan
|
| gptkbp:isA |
gptkb:529_plan
|
| gptkbp:K-12EligibleExpenses |
tuition at public, private, or religious elementary and secondary schools
|
| gptkbp:K-12ExpenseLimit |
$10,000 per year per beneficiary
|
| gptkbp:maximumContributionLimit |
varies by state
|
| gptkbp:notQualifiedExpense |
gptkb:insurance
gptkb:transportation extracurricular activities college application fees sports fees testing fees |
| gptkbp:ownerRetainsControl |
yes
|
| gptkbp:penaltyForNonQualifiedWithdrawal |
income tax and 10% penalty
|
| gptkbp:qualifiedExpense |
books
industrial equipment tuition fees supplies computer technology (college only) internet access (college only) room and board (college only) special needs services |
| gptkbp:rolloverAllowed |
yes, to ABLE account (limited)
yes, to another 529 plan |
| gptkbp:stateTaxDeduction |
varies by state
|
| gptkbp:subjectToFederalRules |
yes
|
| gptkbp:subjectToGiftTax |
yes, above annual exclusion
|
| gptkbp:subjectToStateRules |
yes
|
| gptkbp:transferredTo |
another family member
|
| gptkbp:bfsParent |
gptkb:Tax_Cuts_and_Jobs_Act_of_2017
|
| gptkbp:bfsLayer |
5
|