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Congress passed the SECURE Act expanding 529 plan qualified expenses

On December 20, 2019 Congress passed legislation that included expanding the definition of qualified higher education expenses. Section 529 of the Internal Revenue Code now includes expenses for fees, books, supplies, and equipment required for the participation of a designated beneficiary in an apprenticeship program registered and certified with the Secretary of Labor under the National Apprenticeship Act.

Qualified education expenses also was expanded to include repayment of qualified student loans up to $10,000. This includes amounts of repaid principal and interest on any qualified student loan of either a 529 plan designated beneficiary or a sibling of the designated beneficiary.

More information on this new legislation will be provided in the near future.

As always, we encourage you to consult a qualified tax advisor about your personal situation.

Important: As previously communicated, changes were made to SMART529 Select College Savings Plan effective October 18, 2019. The number of Age-Based Portfolios has been expanded and associated underlying fund allocation changes have been made. For more information, please see the changes reflected in the updated Offering Statement

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News & Updates

  • New tax legislation includes changes to Section 529 college savings plans
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