A 529 plan lets you kill two birds with one stone: You can save up for your child's college education costs while also earning a break on your taxes. But since there's a 10% penalty on top of income taxes for making non-educational withdrawals, some families have been hesitant to contribute to one. Fortunately, the decision to use these accounts is about to get easier.

A provision of the SECURE 2.0 Act, passed at the end of 2022, will go into effect in 2024, and it could be a game-changer for those with leftover funds in their 529 plans.

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Source Fool.com