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By Maureen Renzi, vice president – communications

Pennsylvania is above average, but that’s not a good thing. According to College Calc, the average in-state tuition in Pennsylvania is $20,527, which is $6,941 higher than the national average.

Saving for college can be daunting. When mapping out a savings strategy, understanding the benefits and restrictions of tax-deferred college savings plans, how financial aid packages are affected by savings plans, and the penalties for early withdrawal are all issues to be considered. Plus, the Tax Cuts and Jobs Act of 2017 changed some of the rules for the popular 529 college savings funds that could affect your plans. CPAs field many questions in this area, and here is a collection of some of their tips on college savings funds.

• Savings plans to take some sting out of college expense (blog)
• Can a person use a 529 plan to pay for nursery and pre-K private schools?
• Will 529 plan withdrawals for K-12 private school expenses qualify as tax-free in Pennsylvania?
• What forms are required by the IRS when using 529 account funds for college expenses?
• Should I save for retirement or my child's education?
• What would be the best way to invest equity made on the sale of a home in order not to lose college financial aid assistance for my children?
• What happens if I contribute to educational savings accounts and have an over-the-limit modified adjusted gross income?
• How do I start saving for college?
• If I purchase a school-related item, can I reimburse myself with my school expense account funds?
• Is there a penalty for using 529 funds for unqualified expenses?

If you still have unanswered financial questions about saving for college, Pennsylvania CPAs have provided additional resources in the personal finance section of PICPA’s website.