Eligible expenses include tuition, mandatory fees, computer equipment and related technology and services, books, supplies, and equipment required for enrollment or attendance; room and board costs during any academic period the beneficiary is enrolled at least half-time; and certain expenses for a special-needs student.
Account owners can pay for apprenticeship costs such as fees, textbooks, supplies, and equipment like required trade tools. The apprenticeship program must be registered with the Secretary of Labor’s National Apprenticeships Act to use a 529 plan withdrawal.
Up to $20,000 per child, per year, can be used to pay for K-12 qualified expenses at a public, private, or religious elementary or secondary school. These costs include tuition, tutoring, provided the tutor is not a member of the family and is licensed as a teacher; curricular and online educational materials; books; test fees; certain educational therapies; and more.
Credentialing costs for continuing career education such as tuition, fees, books, supplies, and equipment required for the enrollment or attendance of a designated beneficiary in a recognized postsecondary credential program are also now considered qualified expenses. There are prerequisites that the credentialing program must meet to use 529 funds.
A 529 withdrawal can be used to pay principal and interest on certain qualified education loans for the beneficiary of your 529 account or any of their siblings. The loan repayment applies to repayments up to $10,000 per individual, which is a lifetime amount.
You can roll over any remaining Ohio 529 funds to a Roth IRA for the same beneficiary without incurring any penalties. Your 529 account must meet certain requirements to use this qualified distribution.
Please consult a financial professional, tax advisor, or the IRS regarding the applicability of these qualified higher education expenses to your personal situation.
