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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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.
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.
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