$3,860 per Beneficiary for a single filer or married couple filing a joint return) and "Up to $10,000 annually can be used toward K-12 tuition (per student)."
Now according to https://dfi.wi.gov/Pages/EducationalSer ... ogram.aspx :
So it sounds like you can receive a tax break for K-12 private school by contributing the tuition at least 366 days in advance of disbursing it, and you can continue this for the entire education. This of course reduces the amount of the tax break you could save for college, but if you weren't going to use that anyway for whatever reason, it would work.The 365-Day Rule effects the tax treatment on contributions when a withdrawal is made within a 365-day period. Two examples: (1), Pat opens an account with $2,000 in December 2022 and subtracts on their 2022 tax return. In August 2023, $1,000 is withdrawn for qualified college expenses. Since the $1,000 had not been in the account for 365 days, $1,000 is then added back as taxable income on their 2022 tax return. (2) Same situations as above, but the account was open with a $1,000 balance in 2021, before the 2022 addition of $2,000. In this case, the withdrawal would be considered as taken from the older money outside of the 365-day window and is not reported as income on 2022 taxes. This method often follows "first-in, first-out accounting principles.
Am I missing something major?