529 Withdrawl

[vijay R]

Hi,

My child went to stay in the dorm in first year of college and start living with us after few months. I understand that I can withdraw Tuition/Books and any other fees asked by the college. I was wondering if he stays at home how much can I withdraw for his Food/Boarding expenses and what documents/receipts  are required in case IRS ask for it.

[Juliane22]

Hi vijay!

As long as your child is a full-time degree student, you can use the 529 funds to pay for "board" expenses up to the amount specified by the school as the cost if the student lived on campus. Your school should be able to provide you with that number.

You would need to be able to document amounts paid with receipts or invoices.

I hope that helps!

[vijay R]

Hi Juliane22,

In my case since my child stay at home so technically he is not paying any boarding expenses. e.g. his college has a table showing food/boarding expenses as 11K/per year if you're not living on campus. Can I take out lets say 11K though I don't have any receipt for rent, but has receipts for food he orders.

[Juliane22]

You would have to find out the breakdown from the school between room and board. It sounds like the 11K is for both.  The 529 funds can't be used for "room" expenses such as rent if they live at home. His food expenses would definitely be eligible though.