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Thanks to a 2018 change in the tax law, families are now allowed to use 529 college savings accounts to pay for private K-12 tuition and related expenses. This can be a great way to pay tuition, because funds in 529 accounts grow tax deferred, and withdrawals are exempt from federal and Missouri income tax. 

Below are some quick facts that might be helpful as you consider whether to use a 529 plan to pay K-12 tuition. We encourage you to consult your tax accountant and financial advisor (or plan sponsor) for guidance regarding the advantages and disadvantages of doing so.

529 Plan Quick Facts

• You can use up to $10,000 per child, per school year, to pay K-12 tuition and qualified expenses using 529 account funds. Any remaining tuition due can be paid via our standard payment plans.

• 529 accounts cannot be used for Junior Kindergarten tuition, as the law only allows the account funds to be used for private school tuition beginning at Kindergarten. However, JK tuition may be considered for the Child and Dependent Care Credit

.• You may use a 529 plan sponsored by any state. While Missouri offers the MOST plan, you can use any state’s 529 plan. 

Click to read more about Flexible tuition, Merit scholarships, and more.