My son spent the last semester of his college living at home while he was a student teacher. Can we claim reimbursements for room and board? If so, how do we calculate the amount?
I assume he was considered a full time student.
Families may also be able to use 529 assets for room and board for students living at home. But the cost allowable must be lower than the cost of living on campus. Some colleges may specify a cost for “commuters” or “at home.” Still, the student at home would only be able to use the 529 savings for the lesser amount. Some colleges do not make any distinction in cost between on-campus and living at home.
You may exclude your actual cost or the school's aid allowance, which ever is less. You may need to check with your child’s school to learn the room and board allowance for students living at home with parents. It’s likely to be less than off-campus students living independently. It's frequently available at the school's web site. The student must be half time or more.
Lacking a published "cost of attendance", you may use what on campus students pay for Room & Board.
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