turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

If my child graduated from college in 2016, can I still use her Coverdell to pay back her student loans without penalty?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Anita01
New Member

If my child graduated from college in 2016, can I still use her Coverdell to pay back her student loans without penalty?

The payback of student loans is not an eligible expense for a Coverdell or a 529 plan withdrawal.  Any fees paid for room and board during that last semester might qualify, though, if they were not already used for a credit or withdrawal in prior years.

View solution in original post

1 Reply
Anita01
New Member

If my child graduated from college in 2016, can I still use her Coverdell to pay back her student loans without penalty?

The payback of student loans is not an eligible expense for a Coverdell or a 529 plan withdrawal.  Any fees paid for room and board during that last semester might qualify, though, if they were not already used for a credit or withdrawal in prior years.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies