Hi, I think my 529 plan distribution is fully covered base off my expenses for 2023. However I would love to have an expert confirm my assumption:
Is my withdrawal fully covered by the expenses I paid in 2023, hence no penalty will be accessed?
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Q. Is my withdrawal fully covered by the expenses I paid in 2023, hence no penalty will be accessed?
A. Yes. The only timing requirement is that you paid for qualified expenses, of that amount, in the same year as the distribution.
I'll page @Hal_Al since this is the same member who posted a related question.
Q. Is my withdrawal fully covered by the expenses I paid in 2023, hence no penalty will be accessed?
A. Yes. The only timing requirement is that you paid for qualified expenses, of that amount, in the same year as the distribution.
Thank you so much
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