Hal_Al
Level 15

Education

Q. Can I still reimburse myself for the rental expense from the 529 plan? 

A. Yes, since it is for "room" for the beneficiary-student.

 

Q. If I can, does the reimbursement need to be done every month or can I do it qtly to keep it simple?  

A. That qualifies to keep it simple.  You can make  one withdrawal/distribution for the year. The amount you withdrawal should match the total amount of rent paid for the year. 

 

Q, I pay the landlord via Venmo tied to my bank account. Does that constitute as proof?

A. Yes. 

 

Another thing to beware of: 529 money can be use for off campus living, but you are limited to the lesser of your actual costs or the school's "allowance for cost for attendance" (basically what on campus students pay for Room & Board).

 

The student must be half time or more. 

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