If an auditor requests to review the receipts for qualified college expenses such as food, groceries, books & supplies, etc. in order to reconcile against the qualified 529 distributions, would credit card statements be an acceptable form of receipt? (items properly marked of course)
I can imagine the argument that a line item in a credit card statement is subject to interpretation of what the purchased item really is and therefore is not a substitute for the real receipt. e.g. A Target purchase can be food, clothing or both - no way to tell from the credit card statement.
Planning for next college year when the student is moving off campus. There are many challenges with forgetting to get receipts for items such as snacks, lunch, shared grocery expenses, etc. yet there is evidence if paid via CC or Venmo which is always the case. These daily purchases can add up. (I know the qualified expenses cannot exceed that of the college's cost of room & board). If anyone has experience in this area, appreciate your alternative suggestions.
TIA
