I just opened a 529 plan for my children, can I use it for their grade school education?

Yes, you’re in luck – under the new tax law, 529 college savings plans are no longer just for college.  They’ve been expanded to allow annual tax-free distributions of up to $10,000 per student to pay tuition for the child’s elementary and secondary private and parochial school education.  Note that the $10,000 cap doesn’t apply to 529 plan withdrawals to pay for college.

*Kiplinger Tax Letter