Please feel free to contact our Business Office with questions or concerns regarding tuition, payment options and financial assistance opportunities.
Beginning in 2018, congress introduced a change to increase tax savings for individuals paying for K-12 private school education. The 529 plan was started in 1996 to encourage individuals to contribute to a long-term savings account for tax-advantages for future college costs. This plan was recently changed to reimburse up to $10,000 of K-12 tuition, per beneficiary, per year.
Summary of 529 plans:
- Tax advantaged investment accounts originally designed to help families pay for college
- Rough equivalent of Roth IRAs for education
- Money goes in after tax
- Funds grow tax-free
- Distributions are tax exempt if used for qualified education expenses
For more info, visit 529 Plans: Questions and Answers.
Be sure to consult your financial advisor, accountant or attorney for specific information and guidance. This material is strictly for informational purposes only, and not intended to provide legal, tax or financial advice.
- Medical Expenses: Pros and Cons of Tax Favored Funding Mechanisms, By Edward N. Goldsberry, CPA, P.C.
- Education Related Medical Expenses: A Look into the Timing of Deductions Available to Special Needs Families, By Edward N. Goldsberry, CPA, P.C.
- Can School Tuition and Education Fees Be Income Tax Deductions, By Edward N. Goldsberry, CPA, P.C.
Financial Assistance, Tuition Insurance and Other Financial Resources
- The Parish School Financial Assistance Program
- United Healthcare Children’s Foundation
- Texas ABLE Act
- 2017 Tax Reform: Tax Cuts and Job Acts – 529 Plans for private schools
**Please know the outside programs listed above have not been vetted by The Parish School. We offer them as a starting point for your research in these areas. We hope to expand this information over time as a helpful resource to our Parish families.