WebSep 1, 2016 · If you try to claim $10,000 a year for 529 food expenses, I think the IRS would have a problem with that. The IRS will sometimes ask for proof of 529 expenses … WebAlthough the money may come from multiple 529 accounts, only $10,000 total can be spent each year per beneficiary on elementary, middle, or high school tuition. Money saved in …
Ask the Financial Doctor: Can you convert a 529 educational fund …
WebOct 31, 2024 · You have to remember two things: 529 plans are self-reporting, and 529 plans are designed to allow you to pay for higher education expenses. So you're … WebOct 3, 2024 · You can use 529 college savings plan funds to pay for qualified education expenses such as tuition, room and board, and textbooks. Travel-abroad expenses such as airfare or international health insurance would not be qualified education expenses and could not be paid for with 529 funds. spots on face after laser hair removal
You Can’t Use 529 Money for These 6 College Expenses
WebDec 28, 2024 · As 529 plans are typically used as long-term investments, people tend to associate them with college. However, you can use your 529 for any elementary, secondary, religious, vocational... WebFeb 6, 2024 · Many states offer tax benefits for 529 plans, but the catch is that the money can only be used for a particular beneficiary, and only for college expenses. These expenses include tuition, education supplies, and room and board. ... if the meal plan for the year is $2,000, then you will have $2,000 from the 529 to spend on food that year if they ... WebThe TurboTax community is the source for answers to all your questions on a range of taxes and other financial topics. My college student son lives off-campus and is not enrolled in a college meal … The TurboTax community is the source for answers to all your questions on a range … spots on english ivy