What is considered qualified educational expenses for part-time students?
Thanks for the question. In order to utilize 529 funds for higher education purposes, the IRS does want to make sure that you are attending school at least "half time." This would be explained as someone enrolled in an eligible educational institution at least half the full-time academic schedule.
Typical expenses that are covered by 529 proceeds are:
1. Tuition and fees
2. Books, supplies, and equipment. (this could include a computer/tablet)
3. room and board
For more questions on 529 distributions and applicable expenses, you should consult your tax professional and financial advisor who specializes in this type of planning. This is something we focus on, and would be happy to chat with you on setting up your own 529. | 07.11.14 @ 15:54
For a typical semester based institution half time means 6 credits, full time is 12...although most students going full time average 15 credits per semester. | 09.09.15 @ 10:30