Скачать или смотреть How To Withdraw From 529 To Pay Tuition (How To Make Withdrawal From Your 529 To Pay Tuition)

How To Withdraw From 529 To Pay Tuition (How To Make Withdrawal From Your 529 To Pay Tuition). In this video tutorial I will show you how to withdraw from 529 to pay tuition.

Making a withdrawal from the 529 Plan is easy, but there are rules to consider before making the big step to plan for your college.
• When you withdraw, you should only use it for tax-free qualified expenditures, such as tuition, board, and books. You will be penalized if you use it for non-qualified expenses. Therefore, you are mandated to know what qualified expenses are and are not.
• Before withdrawing, calculate the totals of your qualified expenses and subtract the tax-free scholarship funds received by the student and all federal tax credits, such as the American Opportunity Tax Credit and the Lifetime Learning Credit.
• After calculating the totals, plan on when you will begin withdrawing. Note that withdrawing should be made the same year you pay for the expense. Be sure to request a withdrawal of tuition fees, which is a time-sensitive expense since sometimes there are temporary withdrawal restrictions.
• You will then select who will receive the funds, and your education plan will submit a check directly to the college, the student account benefitting from the plan, or the account holder, depending on who you select.
• Submit your withdrawal request and keep all receipts for the qualified expenses safe in case the IRS audits you.

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