May 29 has been dubbed 5-29 Day, a nod to the 529 savings plan — a popular tax-free savings account designed to help families set aside money for a student's educational expenses.
May 29 has been dubbed 5-29 Day, a nod to the 529 savings plan — a popular tax-free savings account designed to help families set aside money for a student's educational expenses.
The plan has gone through several changes thanks to the Big Beautiful Bill. Before, funds from a 529 account could only be used for college or K-12 tuition. That has changed. Now, the money can be used to pay for a wider range of expenses, including high school AP tests, college exams, tutoring outside of school, and other career programs.
"This training and certification for skilled trades, and vocational careers, that is huge. Commercial driver's license, plumbing, electrical work, welding, HVAC, cosmetology, those are all covered," Thomas Boles said. Boles is the president and owner of Telesis Tax and Financial in Mission Valley. He recommends opening an account early and starting with a small monthly deposit — anywhere from $50 to $100 — and then watching it grow.
According to the College Savings Foundation, 63 percent of families with kids in high school already have some form of savings. Of that group, 49 percent have a 529 savings account. Boles opened an account for his own daughter. Years later, they are able to use those funds to help offset some of her college expenses.
"We are out of state tuition, and per semester it was over 30,000," Boles said. "That's tuition and books and just anything that would be covered under this. All of that would be covered," Boles said. If you are interested in opening a 529 plan, Boles suggests looking online for free resources or checking in with a financial professional.
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