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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16580
Experience:  Licensed CPA, CFE, CMA, CGMA 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: 4 years ago.
Category: Tax
Expert:  Megan C replied 4 years 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 4 years 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.