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529 plan, does money get paid straight to the university or do you withdraw?
Posted on 5/7/15 at 12:41 pm
Posted on 5/7/15 at 12:41 pm
Does the account holder do a normal withdrawal and then receives a form from the university showing the payment, or do you put in request and the 529 plan company pays the school directly?
thanks
thanks
5
Posted on 5/7/15 at 12:44 pm to The Mick
At least in Virginia the school gets paid directly. You never see the money.
Posted on 5/7/15 at 12:48 pm to VABuckeye
what about using it for other college expenses? books, apartment, etc.
Posted on 5/7/15 at 1:43 pm to Chaplain
This is from the LA START Program website.
It looks like you can get a withdrawal form when the time comes to direct payments and withdrawals.
quote:
5. Are my START funds disbursed directly to the college? Funds may be disbursed directly to the college; however, you may also direct disbursement to you and/or the beneficiary.
It looks like you can get a withdrawal form when the time comes to direct payments and withdrawals.
Posted on 5/7/15 at 1:53 pm to OysterPoBoy
Usually you can just withdraw but it complicates the non-taxable process a it as you have to prove the expenses are going towards education etc.
It's easy just sending it to the school for tuition.
It's easy just sending it to the school for tuition.
Posted on 5/7/15 at 2:10 pm to The Mick
Can definitely be withdrawn because you can pay for more than just tuition with funds from a 529.
Posted on 5/7/15 at 2:16 pm to HoustonTiger2008
Ah, that's right... forgot about that. Thanks to you both.
Posted on 5/7/15 at 5:02 pm to The Mick
I paid the bills as they became due and then was able to withdraw the funds online and they were disbursed directly to me. I kept a folder with copies of tuition bills, room and board expenses, books,etc. in case I was ever audited. It was really much easier than I expected.
Posted on 5/7/15 at 10:30 pm to The Mick
LA can be disbursed to the beneficiary and is very low-hassle. Helped a lot for rent purposes and the like.
Posted on 5/7/15 at 11:16 pm to The Mick
Can you buy a condo, and use the money for your kid to pay you rent?
Posted on 5/8/15 at 12:44 am to Ric Flair
Should be able to. It's general reimbursable expenses. If you are writing him receipts he can get reimbursed.
Posted on 5/8/15 at 12:54 am to Ric Flair
I could be wrong but I think I read that if the student lives off-campus, you can only use the 529 to pay for the portion of rent equivalent to what the school deemed the cost for room and board.
Posted on 5/8/15 at 1:06 am to That's BS
In louisiana it's some kind of formula that includes Tulane. At the tuition/room and board rare for Tulane you are all set to go to LSU.
Posted on 5/8/15 at 3:31 pm to Ric Flair
@RicFlair, yes you can buy a condo and lease it. There is a chart that says how much off campus housing at LSU is allowed to be paid from the 529. Obviously, even 4 years of rent wouldn't cover the entire cost but if yo rent out other rooms and want to be a landlord you can.
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