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This document outlines the changes to the eligibility requirements for Tennessee\'s Education Savings Account (ESA) Program as passed by the 113th General Assembly in 2023. It details the new eligibility criteria, effective dates, and application procedures for families affected by the changes.
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How to fill out education savings account program

01
Assess your eligibility for the education savings account program based on your state criteria.
02
Gather required documentation, including proof of residency and income verification.
03
Choose a financial institution or program administrator to manage your account.
04
Complete the application form provided by the chosen institution.
05
Fund your account through contributions or transfers from other savings.
06
Keep track of account expenditures to ensure they qualify for educational expenses.

Who needs education savings account program?

01
Families looking to save money for their children's education costs.
02
Parents of children with disabilities who require special educational services.
03
Individuals seeking to reduce their tax burden while saving for educational purposes.
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An education savings account program (ESA) is a type of financial account that allows parents to save money specifically for their child's education expenses, including tuition, books, and other qualified expenses.
Typically, parents or guardians who set up an education savings account for their child are required to file the program along with any necessary tax forms to report contributions and withdrawals.
To fill out an education savings account program, individuals should collect the necessary personal information, report contributions and withdrawals accurately, and complete the required forms from their chosen financial institution.
The purpose of an education savings account program is to encourage families to save for educational expenses by providing tax advantages and a structured way to accumulate funds for future educational needs.
Information that must be reported includes the total contributions made, any withdrawals for qualifying educational expenses, and details about the beneficiaries of the account.
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