Taxpayer has individual 529 Plans for each of his two daughters, who are K-12 students. The taxpayer withdrew $10,000 from each daughter's separate 529 Plan, to pay each one's tuition bill. Is the annual $10,000 limit for K-12 tuition, a $10,000 limit for each student, or is it an annual total of $10,000 per taxpayer?
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For elementary school tuition, each designated beneficiary has a $10K annual distribution limit to be a qualified expense not subject to tax on the earnings portion. See Pub 970."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe Howard
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