Qualified 529 Expenses

Jan 24 13:01 2020 Print This Article

Money in a 529 plan may be used cover a wide range of expenses related to higher education. As we go through this section, we will also delineate between expenses allowed federally, but may not be allowed by some states.

Qualified expenses include tuition and fees related to attendance to the educational institution. It’s important to note what the IRS considers a qualified education institution. A qualified educational institution is generally a college, university, tech school, or other institution that participates in the Department of Education’s student aid program. This include public, private, non-profit and for-profit higher education institutions.

Room and board expenses also qualify, but there are certain conditions. The student must be enrolled at least half-time at the school. Expenses are also limited to the actual cost of the room and board if the student is living in housing operated by the institution, or if living off campus, expenses are limited to the allowance for room and board in the institution’s financial aid calculation for cost of attendance.

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