Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
7 posts • Page 1 of 1
There is little guidance as to exactly what qualifies but my understanding is that the room and board allowable needs to be below what the particular school on-campus cost is.
I personally would not try to claim bedsheets and mattress toppers but rather find other expenses instead, such as a more powerful computer.
Room and board covers the room charges (rent) and meal plan (board). Anything in the room, other than a computer required for school use would not be a 529 expense.
How about the cost of applications, specifically medical school applications ? Med school applications involve initial submittals and subsequent secondary applications and the costs can really add up. 529 eligible ?
I'd say no. See here for listing of expenses that qualify and expenses that do not.
https://www.savingforcollege.com/articl ... a-529-plan
Real Knowledge Comes Only From Experience
- Posts: 2009
- Joined: Sun Jan 31, 2010 11:57 pm
- Location: Skating to Where the Puck is Going to Be..or on the golf course
I would stick to tuition, room and board and books (including computers). Also, be sure you withdraw the expenses in the same calendar year that they are used. For example, don't withdraw expenses for Fall semester after December 31 even if it is the same academic year after December 31.
"Ignorance more frequently begets confidence than does knowledge" | Do you know how to make a rain dance work? Dance until it rains.