Lots of people reimburse from their 529 after paying expenses to colleges. Are their rules about taking out money BEFORE the expense is paid?
I realize there are lots of reasons NOT to do this (kid could join the circus etc.) but I’m interested in what is legally permissible.
Can I withdraw $40,000 on January 1 to a personal bank account and then pay tuition of $40,000 on September 1?
I can’t find anything in section 529 about timing other than same calendar year as expenses.
I realize there are lots of reasons NOT to do this (kid could join the circus etc.) but I’m interested in what is legally permissible.
Can I withdraw $40,000 on January 1 to a personal bank account and then pay tuition of $40,000 on September 1?
I can’t find anything in section 529 about timing other than same calendar year as expenses.
Statistics: Posted by FinFin — Sun Jun 02, 2024 1:12 pm — Replies 2 — Views 242