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If grandma is paying for tuition, the couple could still use the 529 plans to pay for books, computer equipment and room and board. Or, they could leave the money in the 529 plans for grad school ...
First, contributions to the account grow tax-deferred, and withdrawals are tax-free when used for qualified education expenses such as tuition, fees, room and board, and books at qualified ...
Using 529 Plans. Qualified Education Expenses. ... In many cases, you can use the funds to pay for tuition, room and board and other expenses at any school, including K-12 private schools. The ...
The earnings portion of money withdrawn from a 529 plan that is not spent on eligible expenses (or rolled over into an ABLE account for any eligible family member) is subject to income tax, an additional 10% federal tax penalty, and the possibility of a recapture of any state tax deductions or credits taken. For example, if $50,000 is ...
Here are answers to five common questions about how to spend money from 529 college savings plans. "Qualified expenses include tuition, fees, books, supplies and equipment required by an education ...
A 529 plan, also called a qualified tuition plan, is a tax-advantaged savings plan sponsored by states, ... Plans typically do not cover room and board. Education savings plans, in which the saver ...