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Child Heading Off to College Soon? 3 Important Lessons About 529 Plan Withdrawals

Posted by DeAnna Alger, CPA on Jun 24, 2016 3:00:00 PM

Many of my clients have a child heading off to college in a month or two and have asked about 529 Plan withdrawals to help cover upcoming education expenses. 

Contrary to what some may think, not all withdrawals are tax-free.  Therefore, it is important to understand the basics of 529 plan distributions to avoid paying unwanted federal income tax. While it can be confusing, much like venturing into a college classroom, we’ve broken it down into three simple lessons.   

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Topics: education, 529 plan, income, income tax, withdrawls, college, tuition

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