11/28/2023 0 Comments Nys 529 eligible expenses 2015In addition to tuition, the funds can also be used for: In terms of location, the money from your account in the New York Direct Plan can be used at any eligible postsecondary school in the United States and abroad.Ĭan the funds be used for anything other than general tuition? This means that even if your beneficiary decides to enter a trade rather than attend college the funds are likely going to be available so long as they attend training at an eligible institution. Important to note is that the language specifically includes vocational or postsecondary institutions. According to the IRS the funds can be used at any “eligible educational institution”, which is defined as “any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U.S. Generally, if a school has been assigned a federal school code by the Department of Education, it’s an eligible institution under Section 529. You can be an aunt, uncle, cousin, godparent, friend or neighbor so long as you meet the criteria listed above.Ĭan my beneficiary use the 529 plan funds at ANY college or university? Is it restricted to NY colleges or universities? Most importantly, this means that you do not have to be a parent or a grandparent to open a plan for a loved one. You don’t have to live in New York to participate. citizen or resident alien with a valid Social Security number or taxpayer identification number. The beneficiary (or student) must also be a U.S.
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