529 question

<p>have a question related to what constitutes "qualified tuition and related expenses" which is reported on IRS form 1098-T.</p>

<p>What expenses will Elon report other than obviously tuition and fees?</p>

<p>I want to plan accordingly for removal of money from our 529 plan. </p>

<p>I emailed the bursars office and they emailed me back saying they report only tuition and SGA fees are reported. Sound right to you parents who have been through it all already?</p>

<p>Does that mean that 529 funds cannot include room and board? we are not there yet, but will be soon.....</p>

<p>From what I remember schools report only "qualified tuition and related expenses". You save receipts for books, computers and any qualified expense that you pay for (see IRS lists) and tell you plan what it was for and they send you a check... Keep receipts for proof.</p>

<p>"Does that mean that 529 funds cannot include room and board"? - no you cant use 529 funds for living expenses, including room and board. Likewise if you receive a scholarship that covers room and board, you pay taxes on that portion of the scholarship. As I recall...</p>

<p>You can use the 529 funds for room and board and those other expenses but will end up paying taxes on the amount withdrawn that is over the amount reported by the school.
(At least that is my understanding. )
I was hoping room and board would be included since they require freshman to live on campus. But I guess not.</p>

<p>529</a> Plans: Questions and Answers</p>

<p>according to the 2nd question on this Q and A from the IRS, room and board are included....now, to find out how to record this......</p>

<p><a href="http://www.irs.gov/pub/irs-pdf/p970.pdf%5B/url%5D"&gt;http://www.irs.gov/pub/irs-pdf/p970.pdf&lt;/a&gt;&lt;/p>

<p>Also check out starting at p 67 on this........#4 on qualifying expenses list....</p>