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Level 1
Jan 2, 2025 6:00 PM UTC
Question

529 plan withdrawals

My son paid a security deposit, first month, and last month’s rent for an apartment in December 2024.  I neglected to request a reimbursement for these expenses in the same calendar year.  What does that mean?  Is there anything I can do to correct the situation?  Thank you!

    1 reply

    Level 15
    Jan 2, 2025 7:33 PM UTC

    To be tax-free, 529 distributions must be taken in the same calendar year as the qualified expense