Jeez...just when I thought it was getting less complicated! I'll need to absorb all this.
The basis portion of the 529 was cash we took out if savings and out into the 529 to grow......why doesn't that count toward the $4k!
So if I just charge her room and board of $4k each year...I need not worry about anything else....but how must that be documented...what records kept...where is it entered into TT...plus she makes less than 5k over the summer so doesn't that look fishy...or is this money she would 'owe' us over time.
One thing my wife mentioned...she says she gives my daughter money for gas to get back and forth and money for food...over two 15 week semesters the gas is probably $800 and food could be close to 3k.....that's almost 4k right there...would this count towards the 4k ??? a if so I assume I should track it for our records...does it get entered into TT.
I have been buying her books and software out of pocket...not really putting them into TT too. That's another $500 or so a year....
