Qualified Education Expenses. The designated beneficiary may take tax-free distributions from a Xxxxxxxxx ESA to pay for elementary, secondary or post-secondary education expenses at an eligible educational institution. Such expenses include tuition, fees, books, supplies, special needs services, room and board, uniforms, transportation, academic tutoring and supplementary items or services (including extended day programs). Also qualifying are expenses for the purchase of computer technology or equipment, Internet access and related services, if such technology, equipment or services are to be used by the designated beneficiary or designated beneficiary’s family during any of the years the designated beneficiary is in school. Qualified expenses may also include amounts contributed to a qualified tuition program.
Qualified Education Expenses. 1. What are Qualified Education Expenses? • Qualified Education Expenses mean expenses for tuition, fees, books, supplies, and equipment required for the enrollment or attendance of the Designated Beneficiary at an Eligible Educational Institution. • Qualified Education Expenses also include qualified elementary and secondary education expenses for tuition, fees, academic tutoring, special needs services in the case of a special needs beneficiary, books, supplies, and other equipment which are incurred in connection with the enrollment or attendance of the Designated Beneficiary as an elementary or secondary school student at a public, private or religious school. • Qualified Education Expenses also include room and board, uniforms, transportation, and supplementary items and services (including extended day programs) which are required or provided by a public, private or religious school in connection with such enrollment or attendance, and expenses for the purchase of a Designated Beneficiary and the Designated Beneficiary’s family during any of the years the Designated Beneficiary is in school. • Qualified Education Expenses are reduced by any amount provided by scholarship, educational assistance allowance, or any other payment (other than a gift or bequest) which is excludable from gross income under any law of the United States.
Qualified Education Expenses. Qualified Education Expenses must be incurred for the benefit of the Beneficiary. To qualify as a Qualified Education Expense for higher education, the cost of room and board must be incurred during an academic period during which the Beneficiary is enrolled or accepted for enrollment in a degree, certificate or other program that leads to a recognized educational credential awarded by a post-secondary Eligible Educational Institution while attending at least half-time. Room and board expenses that may be treated as Qualified Education Expenses generally will be limited to the room and board allowance calculated by the Eligible Educational Institution in its “cost of attendance” for purposes of determining eligibility for federal education assistance for that year. For students living in housing owned or operated by the Eligible Educational Institution, if the actual amount charged for room and board is higher than the “cost of attendance” figure, the actual amount may be treated as qualified room and board costs. A Beneficiary will be considered to be enrolled at least half-time if he or she is enrolled for at least half the full-time academic workload for the course of study being pursued as determined under the standards of the Eligible Educational Institution where he or she is enrolled. The institution’s standard for a full-time workload must equal or exceed a standard established by the U.S. Department of Education under the Higher Education Act of 1965, as in effect on August 5, 1997. A Beneficiary is not required to be enrolled at least half-time to use a Qualified Withdrawal to pay for expenses relating to tuition, fees, books, supplies, equipment, and special needs services. Any reference to Qualified Education Expenses also includes a reference to tuition in connection with enrollment or attendance at a K-12 Institution up to the maximum amount described in the “Program Summary”. Non-Qualified Withdrawals In accordance with Section 529 of the Code, the earnings portion of a Non-Qualified Withdrawal will be treated as income to the recipient and is subject to applicable federal and state and/or local income tax. In addition, to satisfy the requirements of Section 529, the earnings portion of a Non-Qualified Withdrawal may be subject to an additional 10% federal tax. Although the Program Manager will report the earnings portion of all distributions, it is the ultimate responsibility of the Account Owner to calculate and report any tax liability. ...
Qualified Education Expenses. Qualified Education Expenses related to an Eligible Educational Institution must be incurred by the Beneficiary during any of the years the Beneficiary is enrolled at an Eligible Educational Institution. To qualify as such a Qualified Education Expense, the cost of room and board must be incurred during an academic period during which the Beneficiary is enrolled or accepted for enrollment in a degree, certificate or other program that leads to a recognized educational credential awarded by an Eligible Educational Institution while attending at least half-time. The limit for annual room and board expenses for off-campus housing is the allowance included in the “cost of attendance” (for purposes of determining eligibility for federal educational assistance for that year) at the Eligible Educational Institution, or if greater, the actual amount charged by the Eligible Educational Institution for room and board costs for the applicable period.
Qualified Education Expenses. Qualified Education Expenses means qualified higher education expenses and qualified elementary and secondary education expenses. Qualified higher education expenses include expenses for tuition, fees, books supplies, and equipment required for enrollment or attendance of the Designated Beneficiary at an eligible educational institution. Qualified higher education expenses also include amounts contributed to a qualified state tuition program. Qualified higher education expenses also include room and board (generally the school’s posted room and board charge, or $2,500 per year for students living off-campus and not at home) if the Designated Beneficiary is at least a half-time student at an eligible education institution. Qualified elementary and secondary education expenses means expenses for tuition, fees, academic tutoring, special needs services, books, supplies and other equipment which are incurred in connection with the enrollment or attendance of the Designated Beneficiary as an elementary or secondary school student at a public, private, or religious school. Room and board, uniforms and transportation are included if required or provided by a public, private or religious school in connection with the enrollment or attendance. An Eligible Educational Institution is any college, university, vocational school or other postsecondary educational institution that is described in Section 481 of the Higher Education Act of 1965. The Hope Scholarship Credit and Lifetime Learning Credit can be claimed in the same year the child takes a tax-free withdrawal from the CESA, provided the distribution from the CESA is not used for the same expenses for which a credit is claimed.
Qualified Education Expenses. Qualified education ex- penses" means expenses for tuition, fees, books, supplies, and equipment required for the enrollment or attendance of the Designated Beneficiary at a qualified education in- stitution. Room and board (generally the school’s posted room and board charge, or $2,500 per year for students living off-campus and not at home) is a qualified education expense if the Designated Beneficiary is at least a half- time student at a qualified education institution. Qualified education expenses also include amounts contributed to a qualified tuition program. Xxxxxxxxx ESA Disclosure Statement (continued)
Qualified Education Expenses. The Designated Beneficia- ry may take tax-free distributions from a Xxxxxxxxx ESA to pay for elementary, secondary, or post-secondary education ex- penses at an eligible educational institution. Such expenses include tuition, fees, books, supplies, special needs services, room and board, uniforms, transportation, academic tutoring, and supplementary items or services (including extended day programs). Also qualifying are expenses for the purchase of computer technology or equipment, Internet access, and related services, if such technology, equipment or services are to be used by the Designated Beneficiary or Designated Beneficiary’s family during any of the years the Designated Beneficiary is in school. Qualified expenses may also include amounts contributed to a qualified tuition program.
