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Can I use my 529 plan to pay for college abroad?
This includes not only tuition and room and board, but also computer equipment, books and mandatory school fees. However, a student can only use 529 funds at an eligible educational institution. A student can use funds from her 529 plan to pay for studies at a foreign university if the school is an eligible educational institution.
What can a 529 plan be used for?
1 Use a 529 to pay for elementary and secondary school tuition. … 2 Roll 529 savings into an ABLE account to pay for disability expenses. … 3 Use a 529 to pay for vocational school, community college, online courses and graduate programs. … 4 Technology and internet access can be 529 qualified expenses. … More items…
Can a 529 plan beneficiary take a tax-free distribution from an international school?
Students must be enrolled in school at least half time for a 529 plan withdrawal to count as a tax-free distribution. The beneficiary may enroll at an international school for their entire educational program, or they can choose to spend a semester or two abroad. For the latter option, the student classes must be accepted for credit by a U. S.
Can I use my 529 plan for non qualified expenses?
If you use 529 funds to pay for these nonqualified expenses, the IRS will apply income tax to the withdrawals, as well as a 10 percent penalty on the earnings portion of the withdrawal. Should I use my 529 to study abroad?