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Education
Q. Can I withdraw funds from his 529 plan to pay his spring tuition bill this December without paying taxes or a penalty?
A. Yes. In fact, the 529 plan withdrawal (distribution) year MUST match the actual year the payment was made in. Payment of tuition for the first term of the following year (2025) is a qualified educational expense for the current year (2024). So, you will be doing it correctly.
‎November 13, 2024
5:04 AM