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I have a college savings plan (Tomorrow's Scholar). Is a car considered a qualified expense for college?


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I have a college savings plan (Tomorrow's Scholar). Is a car considered a qualified expense for college?
Sorry, no. A personal vehicle is not a qualified education expense. Nor is travel associated with education a deduction or a qualified education expense.
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I have a college savings plan (Tomorrow's Scholar). Is a car considered a qualified expense for college?
A percentage of the money in the college savings plan has been taxed. If I withdraw money for a non-qualified expense,
A perecentage of the money in my college savings plan was taxed when placed in the account. If I withdrawl money for a non-qualified expense, do I have to pay tax again on that money?
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I have a college savings plan (Tomorrow's Scholar). Is a car considered a qualified expense for college?
Thank you for asking this question about 529 qualified expenses and penalties.
yes there are penalties for taking out money from these accounts for non-qualified expenses. And many people don't realize that they can over withdraw until they combine scholarship payments and 529 account withdrawals on the Education Credit. There's a lot on information explained here
https://turbotax.intuit.com/tax-tips/college-and-education/information-on-529-plans/L0vrZiFuC
I hope this answers your question about 529 account qualified expenses and penalties.
have a great day!
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