#List of 529 eligible expenses plus

You might do this to align investment strategies with the time frame each child will begin using the funds. You could open a different account for each child. There’s no cost associated with opening an Oklahoma 529 account or owning more than one account. Please consult your tax or legal advisor to address your specific circumstances.

1The TIAA group of companies and Oklahoma 529 do not provide legal or tax advice.

So if your child changes their mind down the road, your savings will still be available. Or you can always wait because the funds never expire, and often the choice to go to school is a delayed decision. There are a number of conditions that must be met including the 529 Plan must have been in existence for at least 15 years.

Effective January 1, 2024, unused 529 funds may be directly transferred to a Roth IRA in the name of the beneficiary of the 529 Plan.

You’d just pay the applicable taxes and penalty on earnings.

If you just want the money back, you can withdraw the funds at any time.

See the Plan Description for more information and exceptions.

#List of 529 eligible expenses plus

If funds are withdrawn for a purpose other than qualified higher education expenses, the earnings portion of the withdrawal is subject to federal and state taxes plus a 10% additional federal tax on earnings (known as the “Additional Tax”).You can transfer the funds to another eligible beneficiary, such as another child, a grandchild or yourself.In addition, up to $10,000 annually can be used toward K-12 tuition (per student) from Oklahoma 529. Your funds can be used to pay for a variety of eligible education expenses, including at any accredited college, university, CareerTech, community college or postgraduate program in the United States-and even some schools abroad.You’ll always have access to several options for this money: Authorized parties should encourage their students to login and register their 529 payments as needed.With your Oklahoma 529, you’re never locked in. Please note, only students can log in and report the expected 529 payment with this form. This form is not required to submit payment, but can be used to notify the university of any payment delays. If it is anticipated that a 529 payment will not arrive to the university by the published semester deadline, students should notify Miami University of the arriving funds by completing the 529 College Savings Plan & Trust Form. If you wish to enroll in a payment plan, please check with your 529 Provider to have funds sent directly to the account used for your payment plan account.ĥ29 payments should be requested early to allow for processing and postal mail delivery prior to the published bill due dates. Please note: 529 funds sent directly to the University cannot be used for monthly payment plans.

Check with your 529 provider to see if this option is available. Many 529 plans now offer electronic delivery, a faster and more secure alternative to mailed checks. Students may continue to receive reminders of their outstanding bills prior to receipt of the 529 payment. If the 529 Plan funds do not cover the entire balance, the student will be expected to pay the remaining amount due by the published date. The 529 Plan administrator then transfers the requested funds to the University for that term. To begin this process, the account holder must notify the 529 Plan administrator of the intent to access available funds. Students are encouraged to refer to IRS Publication 970 that provides further guidance on these qualified expenses in addition to eligible book supplies and technology item expenses. Room and board paid to a landlord (off-campus housing) can qualify up to the amount of the University’s room and board estimates for your cohort. For students attending half time or more, room and board directly paid to the University is a qualified expense. Tuition is a qualified expense for students attending half time or more. Qualified education expenses include tuition and fees, room and board, book supplies, and technology items. Students can use 529 College Savings Plans to pay their tuition for qualified higher education expenses.