The new secure act has some tax benefits for families who have children with student loan debt and for growing families. It would allow 529 accounts to qualify for student loan repayment of $10,000 a year. If parents have funds remaining in educational savings loans accounts they can now help their graduated child by paying up to $10,000 a year in their student loan debt. Also the new law would allow for a penalty-free withdrawal of up to $5,000 for your 401(k) to help with the cost of having a child or adopting a child. For more information click here.
Tax breaks for families with the Secure Act:
About the Author: Sarah Schultz
Sarah Schultz is a Staff Accountant in our Novato office.