529 plan—refund of room & board

[Anonymous]

Yes, the documented amounts just have to add up to each other.

[Anonymous]

Anonymous wrote:Yes, the documented amounts just have to add up to each other.

Ok thanks!
We will likely pay part out of pocket and part from the 529
and I have been wondering about the logistics especially given the need to run everything we do through the IRS. Thanks

[Anonymous]

Anonymous wrote:

Anonymous wrote:We used our refund for summer classes.

Our R/B and fees refund was $1350. My DD's summer class is $1400. They can come pry the $50 from my cold, dead hands!

You really don't need to get all dramatic about it. As far as the IRS is concerned you're good. Just save receipts.

Chill.

[Anonymous]

My kid's school just credited our refund to the next quarter, which saves us worrying about this issue. I had not initially appreciated that.

[Anonymous]

It depends on when you paid the tuition. If you paid in 2019 and claimed it on your taxes, then you need to send that money back to the 529. There is a process. I had about $4K that I sent back to 529 because I did not have any other expenses adding up to $4K obviously that could cover that. I believe you have until June 15...I am not sure about that date. You need to call 529. You don't want to end up paying penalties and income tax on those moneys if you can avoid it (if ever audited).