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Additional Tax on Taxable Distributions
Thank you both for the responses. I will be discussing with my tax folks today. My assumption was similar to Steven that since the cost of rent is equal to room and board for the university, this cost could qualify. I will verify before any steps are taken, but I have to give my 20 yr old a lot of credit either way for a great idea to enter the RE world. She already on the right track and thinking outside the box by looking to get ahead and wanting to build equity in her own place. Thanks again for your responses.
with a room mate, and works part time to make her half of the rent payment. So, finally to the question. Can the 529 plan fund her off campus apartment rent payments? If so, this would free her earned cash up to save for a down payment on RE. Essentially, providing her a means for swapping the 529 plan money out of the fund (without penalties) so she can invest her earned income. I haven called my CPA yet due to the holidays, just thought I ask for opinions before I call and ask tomorrow. These expenses also include the reasonable costs of room and board for a designated beneficiary who is at least a half time student.
Here a 529 plan question for the tax gurus.
Qualified education expenses include room and board in the following situations:
Here are a couple links to the IRS QTP guide. This will tell you what is and isn allowable.
Education savings account (ESA or Coverdell) distributions
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expenses cannot be greater than the allowance for room and board determined by the school or the actual amount charged for the institutional owned housing.
In other words however much room and board would cost her on campus that is an eligible deduction. I recommend that you keep records of what the costs would have been.
Generally, if you receive a taxable distribution, you also must pay a 10% additional tax on the amount included in income.
Thanks Steven. A good point. She is very interested in getting involved in RE, and understands cash flow and the value in starting early. (Wish I had the opportunity to finish college with no debt and a duplex in my name! She well on her way!)
In addition, room and board for an elementary or secondary school may be included as a qualified education expense for an ESA distribution. To be considered a qualified education expense, the room and board must be required or provided by the school in connection with attendance or enrollment at the school.
A quick tidbit from my tax research service:
Room and board is not a qualified education expense for any other credit, deduction, or exclusion.
Early IRA distributions
When is room and board a qualified education expense?
Qualified tuition program (QTP or 529) distributions
I setup a 529 college Nike Jacket Black With Hood
Student loan interest deduction
savings plan for my youngest years ago. She now is in college and earned a full scholarship, so she doesn need the 529 plan funds for her undergrad expenses. She recently decided to get an off campus apartment Nike Jacket Windbreaker
529 Plan options
Room and board expenses incurred by students who are enrolled at least half time at a qualified educational institution are qualified education expenses for:
Steven and Callum,
In order to qualify for tax free distributions from the QTP, the costs of room and board cannot be more than the greater of the allowance for Nike Women's Tracksuit room and board as determined by the educational institution for financial aid purposes, or the actual amount charged, if the student is living in housing owned or operated by the educational institution.
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