Even though some Houston families could benefit, there’s a limit. They can withdraw up to $10,000 a year from these tax accounts. But that only covers about half the annual tuition for a typical Houston private school.
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It can be tough to find a way to pay for private school. But starting this year, families can use a new tool: a special tax saving account, called a 529 plan.
Families have actually used them to save for college for over 20 years. But now that money can pay for private school as early as kindergarten. It’s a tax break Texas’ Sen. Ted Cruz added to President Donald Trump’s tax overhaul.
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