Search Results: keywords:"tax-advantaged savings"

  • H. R. 939 — To amend the Internal Revenue Code of 1986 to permit kindergarten through grade 12 educational expenses to be paid from a 529 account.
    Status:Introduced in House
    Words:523

    H. R. 939 proposes changes to the Internal Revenue Code of 1986 to allow expenses for kindergarten through grade 12 to be paid from a 529 account, which traditionally supports higher education costs. The bill expands the definition of "qualified higher education expense" to...

    Simple Explanation

    H. R. 939 lets people use a special kind of savings account, called a 529 plan, to pay for school things like books and classes from kindergarten all the way to 12th grade, not just for college. This means families can use it for regular schools, homeschool, or even if they need extra help like tutoring.

  • S. 152 — To amend the Internal Revenue Code of 1986 to permit kindergarten through grade 12 educational expenses to be paid from a 529 account.
    Status:Introduced in Senate
    Words:544

    S. 152, known as the "Student Empowerment Act," aims to amend the Internal Revenue Code of 1986 to allow kindergarten through grade 12 educational expenses to be paid from a 529 account. The bill permits the use of 529 accounts for various educational expenses related to...

    Simple Explanation

    S. 152 wants to let people use special savings accounts, called 529 accounts, to pay for more than just college stuff, like books and classes for kids in kindergarten to 12th grade. This means they could use these savings to help pay for school supplies and even learning at home!