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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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when i pay college tuition from a 529 account can i claim this

Customer Question

when i pay college tuition from a 529 account can i claim this expense on my federal income tax returns?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

Hello, and welcome to JustAnswer.com

MyVirtualCPA :

How are you today?

MyVirtualCPA :

When you put funds into a 529 plan, the contributions are not deductible. However, the earnings from the account can be taken tax free.

MyVirtualCPA :

When you actually pay your college expense using the 529 plan, you will have a deduction for educational purposes

MyVirtualCPA :

So yes, you can combine the tax savings of the 529 plan with the tax savings of various educational benefits offered by the IRS

MyVirtualCPA :

You can read more about this, HERE.

MyVirtualCPA :

Is there anything else I can help you with today?

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If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Expert:  Megan C replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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Expert:  Megan C replied 1 year ago.
Hi frank,

I seen where you was having trouble in chat so I switched it to this format for you, if you have any questions please let me know and I will answer any follow up questions you have.

Thank you.

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