Very helpful. What about study abroad? Can costs associated with study abroad be paid for with 529? Cost for the classes, living expenses abroad, and travel to and from the study abroad location?
Yes, you can pay for housing out of a 529 plan up to the amount allowed by your school's cost of attendance. You can find the cost of attendance from the school's financial aid office - it will list the maximum amounts you can spend for various categories (including rent off campus).
This video is from 2016 and pre-SECURE Act. You can use a 529 plan for up to $10,000 in student loan repayment on the federal level, but about half the states don’t allow it (so it would be taxable). Find your state in this list: thecollegeinvestor.com/529-plan-guide/ As for food, yes for more than half time students.
Can I use my 529 plan to buy something like a 3d printer? Because I am an engineering major and my college classes require that I make prototypes for classes and I can't afford a 3d printer so I was wondering if I can use my plan to buy a 3d printer.
Regarding housing expenses, can you take qualified withdrawal to cover housing costs if the student lives at home with parents (rent-free) and commutes to school every day? Or, does the student actually have to be paying a rent/lease bill to be considered?
You can setup a lease to your student if they live at home. Just make sure the amount is reasonable for what they are renting and it doesn't exceed the off-campus guidelines of the school's COA.
Buddy at my last job. With the help of his parents and his life savings bought a house near his univ. He then setup room and board rent for himself through them and "rental company" they created that was to the penny what the local Univ. was charging. He then rented out the rest of the rooms to other students. By the end of school he had a large chunk of the house paid of and As an employee of the rental company he had work experience and a salary throughout college. So his 529 paid for the house in part.
![What Are Qualified 529 Expenses [Updated For 2024]](http://i.ytimg.com/vi/NXkAI1s2VGo/mqdefault.jpg)
![What Are Qualified 529 Expenses [Updated For 2024]](/img/tr.png)
So a car, and all the related expenses like gas, oil changes, tires, etc, would all fall under transportation, and are NO. DO NOT QUALITY. Correct?
Very helpful. What about study abroad? Can costs associated with study abroad be paid for with 529? Cost for the classes, living expenses abroad, and travel to and from the study abroad location?
Maybe... see this guide: thecollegeinvestor.com/19627/can-use-529-pay-college-overseas
Is Applecare, purchased on a new laptop for a college student, a qualified education expense?
It would not likely qualify. Since it's not directly required or needed for school, it wouldn't be a qualified expense.
What about meal plans?
That should be included as the Board part of Room & Board
My daughter will be travelling from Queens to Manhattan daily for School. IDoes this qualify?
Negative, transportation to and from school is considered a personal expense, not a higher education expense.
Yes, you can pay for housing out of a 529 plan up to the amount allowed by your school's cost of attendance. You can find the cost of attendance from the school's financial aid office - it will list the maximum amounts you can spend for various categories (including rent off campus).
Richard Rama ....heck no it does not qualify as a QHEE.
Hmmm, are you sure we can't pay student loan with 529? also, does food cost qualify for 529 plan?
This video is from 2016 and pre-SECURE Act. You can use a 529 plan for up to $10,000 in student loan repayment on the federal level, but about half the states don’t allow it (so it would be taxable). Find your state in this list: thecollegeinvestor.com/529-plan-guide/
As for food, yes for more than half time students.
@@Thecollegeinvestor thank you,
UC Irvine requires payment of their health insurance unless they waive it. Since it is not optional, is the cost a qualified expense?
No, health insurance is never a qualified expense. It's one of the few expenses that are clearly spelled out as non qualifying.
Can I use my 529 plan to buy something like a 3d printer? Because I am an engineering major and my college classes require that I make prototypes for classes and I can't afford a 3d printer so I was wondering if I can use my plan to buy a 3d printer.
If it’s a requirement for your class and on the syllabus you can buy it as an eligible expense. Keep your documentation though.
@@Thecollegeinvestor Thank you so much
Regarding housing expenses, can you take qualified withdrawal to cover housing costs if the student lives at home with parents (rent-free) and commutes to school every day? Or, does the student actually have to be paying a rent/lease bill to be considered?
You can setup a lease to your student if they live at home. Just make sure the amount is reasonable for what they are renting and it doesn't exceed the off-campus guidelines of the school's COA.
What about a public transit pass through the school? For example, the ASU u-pass. Would that count as a qualified expense?
Transportation is not a qualified expense: thecollegeinvestor.com/18450/qualified-expenses-529-plan/
Buddy at my last job. With the help of his parents and his life savings bought a house near his univ. He then setup room and board rent for himself through them and "rental company" they created that was to the penny what the local Univ. was charging. He then rented out the rest of the rooms to other students. By the end of school he had a large chunk of the house paid of and As an employee of the rental company he had work experience and a salary throughout college. So his 529 paid for the house in part.