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A new federal law expands the definition of qualified higher education expenses that can be paid for with 529 funds.

The SECURE (Setting Every Community Up for Retirement Enhancement) Act was signed into law on December 20, 2019. Two provisions of the act concern 529 plans and are retroactive to January 1, 2019.

Here’s what the SECURE Act could mean for you as a my529 account owner.

• my529 funds can now be used to cover registered apprenticeships as qualified higher education expenses, as well as fees, books, supplies and equipment required for participation. To qualify, apprenticeships must be registered and certified with the Secretary of Labor under Section 1 of the National Apprenticeship Act.

• my529 funds are now eligible to repay qualified education loans. This includes amounts paid—as principal or interest—on any qualified education loan of the beneficiary, or a sibling of the designated beneficiary. Withdrawals for loan repayments are limited to $10,000 in distributions from all 529 accounts. Distributions to a sibling would also have a $10,000 limit. However, the account owner cannot use 529 funds to repay interest on a qualified loan and still claim a tax deduction for student loan interest. Consult your tax or legal advisor regarding your individual situation, and to determine whether a student loan meets the requirements of a qualified education loan.

Making a withdrawal. my529 currently sends withdrawal checks to the account owner, the beneficiary or the eligible educational institution. This practice will not change with the passage of the SECURE Act. Account owners or beneficiaries who wish to take advantage of the new provisions will need to withdraw funds from their my529 account and then make a payment to the apprenticeship program, student loan lender/company, or sibling.

After a withdrawal, the account owner or beneficiary will receive an IRS Form 1099-Q. The person who receives the form should keep accurate records of the qualified higher education expenses incurred in the case of an audit.

The law will be retroactive to expenses made after December 31, 2018. my529 account owners can claim these benefits for the 2019 tax year.

Are you ready to create a plan for living the life you’ve always dreamed about?  Contact us today to schedule your complimentary discovery meeting. 

Your Guide to Financial Independence

Rick Epple, CFP(r), CeFT (r)

This is a reminder and a follow-up to our December 2019 message about the annual Standing Letter of Authorization (SLOA) notification. On January 8, 2020, TD Ameritrade began mailing SLOA confirmation notices to our clients, if applicable, listing all active SLOAs that TDA has on record for their accounts as of December 31, 2019.

You will receive a confirmation notice for each account that maintains an active SLOA with TD Ameritrade Institutional. As required, TDA will continue to notify you whenever new SLOA instructions are established for an account.

Please review the notices you receive and keep for your records. No action needs to be taken on your part unless there is an error in the information you receive. Please notify us if you find a discrepancy.

Are you ready to create a plan for living the life you’ve always dreamed about?  Contact us today to schedule your complimentary discovery meeting. 

Your Guide to Financial Independence

Rick Epple, CFP(r), CeFT (r)

Helping us maintain good physical health is what doctors do. Helping us maintain good financial health is what financial advisors do. And interestingly, a good way to appreciate planning your financial future is to see it as akin to maintaining your physical health. The parallels are instructive.Read More

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The end of the year is when a lot of deadlines come up. So, as we head to the end of the year, now is a great time to make sure your financial plan is still on track. And it’s wise to use a checklist to see where you are and what you should do. Here are eight of the most common and important items to review with your financial advisor.Read More

TD Ameritrade knows that more than anything, the experience we give your clients matters. TDA want to provide them with easily accessible account information is paramount, and that’s why AdvisorClient^® from TD Ameritrade Institutional is getting an upgrade. Starting November 21, 2019, all new clients will be automatically set up on the redesigned, user-friendly platform.*

This streamlined AdvisorClient experience will allow clients to efficiently access:

Plus, they’ll continue to enjoy secure access to account values, positions, balances, and more on accounts held in custody by TD Ameritrade Institutional, anytime, anywhere.

Are you ready to create a plan for living the life you’ve always dreamed about?  Contact us today to schedule your complimentary discovery meeting. 

Your Guide to Financial Independence

Rick Epple, CFP(r), CeFT (r)

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