Thanks for all the responses, but I am still unclear how things work. Sorry to be so dense, but it is my son that is getting the PhD (not a masters)
For the first semester of his program, the university my son will be attending has published the following as the Cost of Attendance (COA):
Room & Board $6700
Books & Supplies: $900
Other Expenses: $1600
As stated before, he will be living off-campus and will not be on the university’s meal plan. Tuition is waived but I am not sure if we have to pay for books & supplies.
Based on all this information, when I try to charge my 529 plan, can I just use the above numbers, or do I have to keep receipts for everything and deduct only the exact amounts?
Obviously, if my son spends more than $6700 on Room & Board, only $6700 amount can be deducted from the 529. But what if he spends less than $6700? Can we still withdraw $6700 with no tax consequence?
Additionally, are university health insurance fees covered by the 529?
There are also a number of other fees listed on the COA like AFMFA/Library/Transportation/Service/etc that add up to over $2K/semester. Are these eligible for the 529?
Thanks for the help. It was easier for undergrad because he lived on campus and used the university meal plan, so we sent the 529 checks directly to the school and let them figure out what was covered.