1K-12 tuition (public, private, or religious) up to $10,000 in tuition per year per beneficiary. Always consult a tax professional. K-12 withdrawals may be subject to specific state taxes.
2Some state plans do have their own age and/or time limits.
3Withdrawals that are not for qualified educational expenses may be taxed as ordinary income and may be subject to a federal 10% additional tax.
4Per year per beneficiary.
5Note that if the Donor dies before the first day of the fifth calendar year, a portion of the contribution must be added back to the Donor’s estate for tax purposes.
6Varies by state.