Walker Joins Efforts to Increase Flexibility For Parents of Children Learning From Home
WASHINGTON, D.C. - U.S. Representative Mark Walker (R-N.C.) recently joined fellow Congressional members in a letter urging Speaker Nancy Pelosi (D-Calif.), House Minority Leader Kevin McCarthy (R-Calif.), Senate Majority Leader Mitch McConnell (R-Ky.), and Senate Minority Leader Schumer (D-N.Y.) to expand the use of 529 plans for learning from home expenses during the coronavirus pandemic.
“While families across North Carolina and this nation struggle with the effects of school closures, the last thing on parents’ minds should be their childrens’ rising education costs. By expanding the use of 529 plans for learning from home expenses, the financial burden put onto our state’s parents will be lessened, allowing them to focus on the most important thing -- their children.”
Under the framework of expanding the use of 529 plans in this letter, the following expenses that may qualify as tax-free distributions include:
Curriculum and curricular materials, books or other instructional materials
Online educational materials
Tuition for tutoring or educational classes outside of the home
Educational therapies for students with disabilities
529 plans are tax-advantaged savings plans typically used for future education costs. They are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code.
Read the full letter here.