Wednesday, August 28, 2013
Tax Reform for Students That Commute to College
Today’s college students and parents have a tough enough time trying to foot the bill for tuition and expenses; and as such many students are staying home, going to a local college and commuting.
Currently monies put into a 529 College Savings Plan can be used for room and board for those choosing to go away to school. Those students living at home and commuting to their college cannot use any monies in a 529 Plan to help with the commuting costs nor are they able to deduct the mileage using the IRS standard mileage rate like those for business do. There is a rate for business, medical and charity travel but nothing for education. This needs to change.
Washington needs to not only address this issue but take action immediately.
Please sign our petition.