Living in Chicago, I’m preparing my child for a high school entrance exam, and prep classes/tutoring range from a few thousand dollars up to $10k. I have an Illinois 529 plan, and based on the guidelines it looks like tutoring/test prep may now qualify as an eligible K–12 expense. Before I move forward, are there any tax implications for using 529 funds now instead of saving them for college? Would I owe penalties or need to report anything on my 2026 taxes? Has anyone used their 529 for tutoring or exam prep and can share how it worked, or anything I should consider before doing this?
Statistics: Posted by healthiswealth — Mon Jan 19, 2026 10:46 am — Replies 0 — Views 9