Can I use a 529 plan to pay for overseas education?
Posted May 05, 2021 Mom
529 plans are a great way to save for college because of the tax-free growth.
Distributions from 529 college savings plans can be used tax-free to pay for qualified expenses if the study program at the foreign institution is eligible for credit at the student’s U.S. home institution, and if the foreign institution is eligible for Title IV federal student aid, said Matthew DeFelice, a certified financial planner with U.S. Financial Services in Fairfield.
In simple terms, your school has to give credit for the study abroad program, and the foreign college where you will be studying abroad must be eligible for financial aid, DeFelice said.
Do I qualify for a COVID retirement withdrawal?
Updated 9:30 PM;
Q. I manage a retail establishment and we need to meet a company quota to get a bonus. We did not meet our quota. However, the company gave us 70% of our bonus instead of the 100%. I am assuming COVID affected our sales. I withdrew money from my 401(k) as a COVID distribution and I want to use the funds to pay some of my daughter’s college loan and probably for a down payment on a home. I have no way of proving that. Should I be paying the 10% penalty on my 401(k) because I have no way of proving the bonus was smaller because of COVID?
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