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My daughter is in college; lives in an apartment. Regarding 529 allowable expenses, can I use the colleges usual expense or do I have to save every grocery store receipt.
Colleges report a dollar amount to the IRS listing the allowable amount for room and board that can be reimbursed from our 529 account. My daughter just moved into an apartment. So, can I just use the amount for room and board as reported to the IRS by my daughters college? Or do I have to have her save each and every grocery store, coffee shop, and restaurant receipt to justify the 529 reimbursement?
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June 6, 2019
8:04 AM
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Investors & landlords
I'm of the opinion that you can safely use college allowance for that. Although the actual wording is actual expenses "up to" that amount.
The wording also specifies the room & board amount the college uses to calculate student aid; which is not necessarily the amount it actually charges students for room & board.
June 6, 2019
8:04 AM