10 Qualified 529 Expenses
There are a lot of rules when it comes to 529 plans. In this episode, I’ll discuss the importance of being aware of how you should be using your 529 plans and outlining 10 qualified expenses. If you want to avoid paying unnecessary taxes and ensure you’re staying within the plan’s boundaries, this episode is for you!
Listen in to learn what 529 plans are best used for, as well as how they affect your education, savings, taxes, and more. Knowing how you can spend your hard-earned savings is something that’s so important to keep track of, so don't miss discovering what's covered, what's not, and how to save where possible.
Listen To The Episode Here:
What You’ll Learn:
- What a 529 plan is best for.
- How to save on unnecessary taxes.
- How living expenses can be considered qualified.
- Where electronics and study supplies work in the plan.
- The kinds of schooling that can be included in a 529 plan and the common exceptions.
- What you need to know about student loan repayment and apprenticeships.
Ideas Worth Sharing:
- "One of the main advantages of a 529 plan is the ability to grow your education savings tax-free." - Regina McCann Hess
- "If the school does not provide a laptop, purchasing one on your own is considered a qualified expense." - Regina McCann Hess
- "Make sure you’re reviewing the qualified expense list for your 529 so you’re taking the proper amounts out and not paying tax or penalties." - Regina McCann Hess
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