Q. I paid $400 deposit by credit card for my son's college tuition on August 2023.Can I get the reimbursements from the 529 plan now before the tax filing deadline?
A. No. To be a qualified distribution, the money must be taken out in the same calendar year that you had qualified expenses.
Q. Do I get any penalty if I get the reimbursement now?
A. Simple answer: yes. But if you have other qualified expenses, later in 2024, you can count those expenses against this $400 distribution.
