Vanilla Forums has been nominated for a second time in the CMS Critic "Critic's Choice" awards, and we need your vote! Read more here, and then do the thing (please).
Our new Indie Games subforum is now open for business in G&T. Go and check it out, you might land a code for a free game. If you're developing an indie game and want to post about it, follow these directions. If you don't, he'll break your legs! Hahaha! Seriously though.
Our rules have been updated and given their own forum. Go and look at them! They are nice, and there may be new ones that you didn't know about! Hooray for rules! Hooray for The System! Hooray for Conforming!

529 account rules

HalberdBlueHalberdBlue Registered User
edited August 2008 in Help / Advice Forum
Last year my parents started saving for my college by putting some money into a 529 plan account. For college last year they just wired me some money from their savings account (they hadn't started a 529 account at the time). This time, though, I won't be living in campus housing and I'm not on a meal plan, so my parents transferred a lot of money from the 529 account into my savings account. Since it has to go towards college expenses my dad was telling me I need to keep receipts of EVERYTHING. Is this necessary? Do I really need to keep a receipt from like a stick of deodorant or something or else the IRS will come after us?

Last year what happened was my parents paid some of the tuition and I paid for everything else in student loans. The loans were more than the tuition was so I got a big refund, and paid for expenses with that. The refund took awhile to go through though which is why this time it's mostly the loans paying for school and my parents giving me the other money.

The other thing is that the money from the 529 account is in the same savings account as "my" money, so it's not like all the money I'd be spending would be under 529 account rules. Also, overall my expenses for the year will be under the amount the school thinks I should be spending, since I'm spending much less on housing and food and hardly spend money on anything in general anyways.

Sign In or Register to comment.