Quote:
Originally Posted by disneysteve
So college sends IRS statement saying my kid had qualified expenses of $5,000.
529 plan sends IRS statement saying I withdrew $5,000 from my account.
Is that it? Is there any report documenting that the 529 money actualy went to the college?
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The paperwork we have received does not match up because they don't include room and board and books on the 1098T. I believe this year, the IRS is also allowing a computer (I have to check on that). You can buy your books anywhere, so the school wouldn't have any way to report what you spent. (I don't know why they don't include room and board since it is paid to the school. )
I have a feeling the forms will evolve as time goes on.