i am near to withdraw my 529 for the first time. irs has some rules around what r legit college expenses. tuition is easy and so is dorm expenses. what about stuff like books and laptops.
will college provide some tax forms that will make things easier? is there a national irs recognized registry for colleges and their expenses
or is this just by the honor system?
Posted by loafing-cat-llc
3 Comments
Honor system, barring an audit. You dont get your tax return involved for withdrawals. Given this you should feel at ease what is defined as an eligible expense and what isnt.
You need to keep records of the expenses in case you’re ever audited. But besides that it’s on the honor system
Honor system. Look up publication 970 and it lists qualified expenses. He will most likely never show a receipt to anyone.