Apr
17
529 Plans: Taking Distributions
Parents looking to take advantage of the many benefits of saving for college with a 529 plan will want to know the full details on which educational expenses qualify for tax-free distribution status -- and which do not.1 In Publication 970, the IRS gives detailed guidance on qualified expenses. Here are a few important points. What's Covered Tuition and fees are covered in full. Room and board, if the student is enrolled at least half time. But such expense must be not more than the greater of (1) the allowance for room and board, as determined by the school, that was included in the cost of attendance; or (2) the actual amount charged if the student is residing in housing owned or operated by the school. Food. If you spend a...
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