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January 2, 2025
Question

529 plan withdrawals

  • January 2, 2025
  • 1 reply
  • 0 views

My son paid a security deposit, first month, and last month’s rent for an apartment in December 2024.  I neglected to request a reimbursement for these expenses in the same calendar year.  What does that mean?  Is there anything I can do to correct the situation?  Thank you!

    1 reply

    Employee
    January 2, 2025

    To be tax-free, 529 distributions must be taken in the same calendar year as the qualified expense