AmyT
New Member

Education

No, tuition that you paid is not a 529 plan contribution.

A 529 plan is a special account that is set up through a qualified financial institution.  The funds in this account are restricted to use for paying education-related expenses, and may be withdrawn tax-free (including any gains to the value of the account) to do so.  

Some states offer a deduction or credit for establishing and funding a 529 account that is state-specific (the funds can be used only for a postsecondary school located within that state).

You can fund a 529 plan and withdrawn the funds in the same year to pay for your educational expenses.

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