Supply: The Faculty Investor
No, a 529 plan can’t be used for conventional Montessori College or preschool (not less than not as a qualifying expense). Nonetheless, there are Montessori elementary and excessive faculties that may be eligible, so long as your state’s 529 plan guidelines enable it.
Within the final decade, the quantity of qualifying schooling bills which can be allowed for 529 plans has expanded considerably. 529 plans can now be used for Ok-12 schooling tuition, commerce faculties, and even scholar loans.
Nonetheless, even with these expansions, not each state will enable their residents to make use of the 529 plans past school. You should test your state’s 529 plan guidelines right here.
With that in thoughts, pre-Ok bills are nonetheless not thought of qualifying bills for a 529 plan. Solely elementary and highschool bills are thought of qualifying.
529 Plans And Montessori College
529 plans can solely be used for as much as $10,000 per 12 months in elementary schooling tuition. Elementary schooling is outlined by the IRS as:
An eligible elementary or secondary college is any public, non-public, or spiritual college that gives elementary or secondary schooling (kindergarten by way of grade 12), as decided below state legislation.
Conventional Montessori college is from ages 2 – 6, which wouldn’t be thought of elementary schooling. As such, conventional Montessori college just isn’t thought of a qualifying 529 plan expense.
Nonetheless, there’s a rising developments of Montessori schooling being taught in Elementary and Excessive College (Ok-12). Elementary schooling is a qualifying bills in case your state permits it. On this scenario, you’re allowed to make use of as much as $10,000 per 12 months for tuition solely.
Notice: Solely tuition is a qualifying expense. Different bills like utility charges, provides, transportation, meals packages, and prolonged day care, aren’t certified bills.
To seek out out in case your state permits Ok-12 schooling bills, use our 529 plan information or click on in your state within the map under:
What About Different Early Schooling Or Preschool Choices?
Solely Ok-12 tuition bills are allowed as qualifying 529 plan bills. So early elementary or preschool is NOT thought of a qualifying schooling expense.
This contains preschool, daycare, parenting co-ops, church preschool, and different early schooling choices.
Solely elementary bills (that are kindergarten and better) are eligible.
