utm_campaign=5662-511A&utm_medium=email&utm_source=email CURRENT PARENTS | incarnatewordacademy
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Contact Us

Tel: 440-842-6818

Email: mkonopka@incarnatewordacademy.org

Address

6620 Pearl Rd

Parma Heights, OH 44130

© Copyright 2018 by

Incarnate Word Academy

Current Parents

 
403. Expanded use of 529 account funds.

Under pre-Act law, funds in a Code Sec. 529 college savings account could only be used for qualified higher education expenses. If funds were withdrawn from the account for other purposes, each withdrawal was treated as containing a pro-rata portion of earnings and principal. The earnings portion of a nonqualified withdrawal was taxable as ordinary income and subject to a 10% additional tax unless an exception applied.

“Qualified higher education expenses” included tuition, fees, books, supplies, and required equipment, as well as reasonable room and board if the student was enrolled at least half-time. Eligible schools included colleges, universities, vocational schools, or other postsecondary schools eligible to participate in a student aid program of the Department of Education. This included nearly all accredited public, nonprofit, and proprietary (for-profit) postsecondary institutions.

New law. For distributions after Dec. 31, 2017, “qualified higher education expenses” include tuition at an elementary or secondary public, private, or religious school, up to a $10,000 limit per tax year. (Code Sec. 529(c)(7), as added by Act Sec. 11032(a))

Document Title:403 Expanded use of 529 account funds.
Checkpoint Source:New Law Special Study: Highlights of the Tax Cuts and Jobs Act

© 2018 Thomson Reuters/Tax & Accounting. All Rights Reserved.

Library

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Dress Down for Endowment

Dress down and wear

IWA spiritwear/gym shirt

Pay $5 to dress down the first Friday of each month

 

The endowment generates funds for financial aid and professional development.

Please follow guidelines in the Parent/Student Handbook.

 

Calendar Links

Calendar is also in Praxi

Use this link to view calendar in web browser:

http://bit.ly/IWACalendar

 

Use this link to add it to a calendar:

http://bit.ly/IWACalendarLink