Qualified Room And Board Expenses For 529

With a 529 college savings plan investments grow tax deferred and are not taxed when withdrawn to pay for qualified higher education expenses including tuition fees textbooks supplies and equipment required for enrollment special needs services and in some cases room and board costs.

Qualified room and board expenses for 529.

When you pay qualified education expenses from a 529 account your withdrawals are tax and penalty free. You can also take a 529 plan distribution to cover the cost of room and board. Qualified expenses for a 529 plan. A 529 plan only covers expenses that are related to post secondary education see below for using a 529 plan for elementary education however there are rules.

Eligible expenses also include certain apprenticeship expenses certain payments on qualified education loans and up to 10 000 per year per designated beneficiary from all 529 accounts for tuition in connection with enrollment or attendance at a private religious or public primary or secondary school. Know which expenses qualify. You must pay the expenses for an academic period that starts during the tax year or the first three months of the next tax year. To be considered a qualified expense your child must be enrolled at least half time.

As of 2019 qualified expenses include tuition expenses for elementary middle and high schools private public or religious.