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Question

If I pay my son's tuition from a 529 plan and we get a refund for a dropped class, do I have to pay taxes on it if it was used for other educational expenses?

Forum|Forum|5 years ago
February 14, 2021
1 reply
0 views

How do I handle a tuition refund?

TurboTax Deluxe Online

Employee

Q. If I pay my son's tuition from a 529 plan and we get a refund for a dropped class, do I have to pay taxes on it if it was used for other educational expenses? As long as the expenses were qualified. Transportation is not a qualified expense.

A. No.

Q. How do I handle a tuition refund?

A. One of two ways: 1. spend the money (as you did) on other qualified expenses in the same calendar year, or 2. Put the money back (re-contribute) within 60 days of the refund.