New 529 Plan Deductions - Computer Technology

A 529 plan is an education savings plan that many people in the universities pay for their children use the fund. The plan has very specific expenditure approved and a new one was added - computer technology.

529 plans have long been popular with parents. This is due to the fact they offer tax-free income in favor of higher education. Similar to an IRA, parents can contribute to the funds and how the profits are increasing tax fee over the years until their child is ready for higher education. Higher education includes school, vocational school and university.

One of the few criticisms of the plan of 529 issues was limited, it might want to use. The fees include the basics such as tuition, room and board, supplies and books. In this digital world, it was a bit strange that computers were not considered an approved expenditure. This is especially true, as many teachers as low as high-school and primary school now post homework online, and the like. Going to college without a computer seems almost prehistoric! This curiosity is now set.

The American Recovery and Reinvestment Act of 2009 contains a provision by computer technology to the list of eligible 529 plan expenses. In fact, the range is pretty broad. It now includes the cost of buying a computer, Internet access and related services. The disadvantage is that the provision is only good for the years 2009 and 2010, although it is difficult not to imagine it, eventually becoming an integral part of the accepted plan expenses 529 list.

The American Recovery and Reinvestment Act of 2009, better known as the stimulus bill was criticized in many ways. The addition of computer technology to the expenditure of the 529-range plan does not everybody can reasonably disagree.

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