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Going Back to College – Make sure you are taking advantage of your 529 Account

The Kiplinger Tax Letter 0



16th August, 2017

Funds in 529 accounts can be withdrawn tax-free for off-campus housing (with some limitations).

  • The college student must be enrolled at least half-time.
  • You can’t claim more than the room-and-board allowance that the college includes in the cost of attendance for federal financial aid purposes. You should be able to get this figure from the school’s website or financial aid office.
  • Food and routine utilities also count, as long as the total living costs, including rent, fall within the room-and-board allowance determined by the school.

 

Credit to The Kiplinger Tax Letter


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Tax Updates

  • Changes to KY Sales Tax Law July 3, 2018
  • Year-End Tax Planning for 2017 November 21, 2017
  • Going Back to College – Make sure you are taking advantage of your 529 Account August 16, 2017
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