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Get your taxes done using TurboTax
Thank you for asking this question about 529 qualified expenses and penalties.
yes there are penalties for taking out money from these accounts for non-qualified expenses. And many people don't realize that they can over withdraw until they combine scholarship payments and 529 account withdrawals on the Education Credit. There's a lot on information explained here
https://turbotax.intuit.com/tax-tips/college-and-education/information-on-529-plans/L0vrZiFuC
I hope this answers your question about 529 account qualified expenses and penalties.
have a great day!
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‎July 27, 2022
9:30 AM
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