Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 12-21-2010, 09:27 AM
Junior Member
 
Join Date: Dec 2010
Posts: 2
Qualifying Educ Expenses For 529 Plan

I just started taking distributions from a 529 plan. My question is whether or not a university student parking permit is considered Qualifying. There was also a required calculator purchase necessary for advanced science/engineering courses. Are these considered qualifying expenses for tax purposes?

Thanks in advance,
Steve
p.s. Is there an online document that I can use as a resource for future reference on qualifying expenses?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 12-21-2010, 08:37 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
“My question is whether or not a university student parking permit is considered Qualifying. There was also a required calculator purchase necessary for advanced science/engineering courses. Are these considered qualifying expenses for tax purposes?”----->IN genral parking permit is not considered your qualifying educational expense. Qualifying educational expenses depend on what type of plan you purchase. If you purchase a prepaid plan, it usually only covers tuition and required fees, though some allow room and board to be purchased for an additional cost. College savings plans allow payouts to be used for tuition, required fees, books, and equipment that is required such as a laptop or calculator or etc. If you are enrolled at least half-time, room and board may also be covered as a qualified educational expense.
Please go to the Website here: http://www.sec.gov/investor/pubs/intro529.htm]An Introduction to 529 Plans
United States Code: Title 26,529. Qualified tuition programs | LII / Legal Information Institute


Last edited by Wnhough : 12-21-2010 at 08:52 PM.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 08-09-2012, 12:07 PM
Junior Member
 
Join Date: Aug 2012
Posts: 1
Smile 529

i have the same question rergarding college parking expenses being a 529 qualified expense



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 08-09-2012, 12:28 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
IN genral parking permit is NOT considered your qualifying educational expense. Qualified Higher Education Expenses for 529 Plans are Tuition Room and board (paid directly to educational institutions) Fees (as required by the institution) Books, supplies, and equipment (including computers) Expenses of a special-needs beneficiary necessary for enrollment at an eligible institution.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What are Qualifying Therapeutic Discovery Projects? TaxGuru Medical 2 03-26-2013 04:52 AM
Qualifying Educ Expenses For 529 Plan CONEHEAD Miscellaneous 0 12-17-2010 11:03 AM
Qualifying relative deduction ricktude Miscellaneous 1 02-27-2009 12:30 PM
qualifying child question farmer Miscellaneous 1 03-01-2008 05:49 PM
Will I get the LifeTime Learning Credit if I pay Educ Exp's for other Family members? cstatham Tax Credit 1 01-02-2008 06:53 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.