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Education
Yes, but not exactly. You may NOT count the amount you pay as child support. Room & Board are qualifying expenses for a tax exclusion on the earnings on a 529 plan withdrawal. For students living off campus, the allowable amount is actual cost or the amount charged by the school for on-campus students; whichever is less. For students living at home, the amount allowed is further limited to the amount the school allows for financial aid. See https://ttlc.intuit.com/questions/1681645-my-son-is-living-at-home-while-full-time-student-at-colleg...
May 31, 2019
5:46 PM