A provision of the new federal tax law could lead to state penalties if you try to use it here. The federal proposal allows people to use money from “529” college savings accounts for K-through-12 private school expenses.
But state Treasurer Mike Frerichs says Illinois law limits the use of those accounts only for higher education.
He says anyone using the money for private or parochial elementary or secondary education could face state tax penalties if they were audited.