ST. LOUIS (KMOX) – Missouri’s state treasurer is reminding parents with most 529 College Savings plans that they can now use those accounts to pay for K-12 education as well.
Eric Schmitt says President Trump’s tax overhaul changed the way people can use the money they’re saving.
“This really is perhaps the most significant change with education policy in Missouri in decades, so it’s an honor for me to be in this position and help get the word out,” he says.
To pay for college, 529 plans can be used for tuition, room and board, books and other costs. For K-12, up to 10-thousand dollars can be used annually to pay for tuition only.