FRANKFORT, Ky. (LEX 18)– If you have funds in a Kentucky Education Savings Plan Trust account, you can now use that money to pay for your child’s kindergarten through 12th grade tuition.
The tax-advantaged 529 savings plan was designed to help families invest money for qualified education expenses.
Kentucky lawmakers amended legislation during the 2018 session to conform with the tax cuts and jobs act of 2017.
Parents now have the option to withdraw up to $10,000 per year from that account to pay tuition at an elementary or secondary public, private or religious school.
The new law goes into effect July 14.