Look at new tax plan options for families of parochial/private schools. The same 529 plan that in the past was used only for college tuition can now in Missouri be used in schools up to 12th grade.
- Starting in 2018, you can use up to $10,000 in 529 plan proceeds for elementary and high school costs.
- 529 plan contributions qualify for the $15,000 annual gift tax exclusion.
- More than 30 states allow income tax deductions for 529 plan contributions.