In a May 3, 2015 article for The Wall Street Journal, Hirschler Fleischer partner and tax practice chair Jamie Canup provides insight on the use of tax-advantaged plans as a means for saving for college. In particular, Canup lends his perspective on 529 ABLE plans as a resource for special-needs students. Canup told The Wall Street Journal, “Keep in mind that special-needs services for beneficiaries in college are a qualified expense for 529 plans. The problem is that the IRS hasn’t provided clear definitions of ‘special needs.’ But thanks to the advent of the new 529 ABLE accounts – aimed specifically at disabled beneficiaries, though with different rules than traditional 529s – these definitions may be coming.” The complete article is available here.
Luis F. Ruiz