NY 529 college savings plan said that the part of our withdrawl that is an unqualified expense, would not be penalized or taxed because we lost earnings. Is this true?
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NY 529 college savings plan said that the part of our withdrawl that is an unqualified expense, would not be penalized or taxed because we lost earnings. Is this true?
I'm trying to finish my 2023 taxes and it went from a state refund to owing over $700. I was told the $410 in unqualified expenses would not make an impact because we had negative $91 in earnings.
NY 529 college savings plan said that the part of our withdrawl that is an unqualified expense, would not be penalized or taxed because we lost earnings. Is this true?
To clarify, how much was the distribution and what did the distribution pay? Tuition, student loans, something else?
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