The 1098 form lists only the 2018 tuition. Since I paid for both terms (fall 2018 and winter 2019), it looks as though I deducted too much from the 529.
- Qualified education expenses are claimed in the tax year they are paid. It flat out *does* *not* *matter* what year you paid *for*.
So if you withdrew 529 funds in 2018 "and" used every penny of those funds to pay for qualified education expenses in 2018, then you're good.
529 funds can be used to pay for the qualified education expenses of tuition, books, and lab fees. Additionally unlike scholarships and grants, 529 funds can also be used to pay for the allowed but unqualified expenses of room and board, *provided* that room and board was in direct support of the education.
If that doesn't help clear things up a bit for you, just let me know where you still need clarity, and I'll be happy to provide it.
Still have questions?Make a post