How to track 529 expenses?

[Anonymous]

DS moved off campus and off university meal plan. I don't know the level of record keeping necessary for the "room and board" that can come from his 529 plan. I transfer to his account a set amount each month for total living expenses (including non-reimbursable living expenses). Looking for ways other track/report the reimbursable expenses. Thanks.

[Anonymous]

I think you can withdraw whatever the school considers "room and board" costs for purposes of cost of attendance.

[Anonymous]

Anonymous wrote:I think you can withdraw whatever the school considers "room and board" costs for purposes of cost of attendance.

Yes, I think that's the maximum to withdraw. But moving from dorm room and dining hall meal plan to frat house and group cooking, I'm sure the expenses are much less. I'm thinking to just pick a number, say $750 month and go with that. While I think it's "reasonable" I haven't kept records of any expenses so for auditing purposes, I got nothing.

[Anonymous]

Credit card (debit charges you for every charge).

[Anonymous]

Anonymous wrote:Credit card (debit charges you for every charge).

I tried this. It's impossible to decipher reimbursable from non-reimbusible expenses (not to mention a ton of record-keeping). For example, DS goes to college in an urban area and will often but breakfast and lunch items at, say "Exxon Mini Mart." But he also buys gas and beer at "Exxon Mini Mart" and those are not reimbursable, as far as I know. Other times he just gets out cash -- who know how much goes to food or other expenses?

[Anonymous]

Are the costs of attendance figures really that much less than the actual costs? I would probably see if I could get rent receipts, but otherwise as long as I was under the cap I wouldn't worry too much about it.

Or, if your 529 is underfunded like most people's you could just wait and use it on tuition.

[Anonymous]

Anonymous wrote:Are the costs of attendance figures really that much less than the actual costs? I would probably see if I could get rent receipts, but otherwise as long as I was under the cap I wouldn't worry too much about it.

Or, if your 529 is underfunded like most people's you could just wait and use it on tuition.

I think I will just pick a reasonable R&B number and stick with that. But college apartment to frat house is a huge money savings. He also was on an unlimited meal plan (he works out a ton and eats a ton). So yes, his expenses are much less. As it turns out his 529 is "fully" funded and I want to make sure we get out every penny he's entitled to.