You should consult with a qualified tax advisor with respect to the various education benefits. The tax benefits afforded to 529 plans must be coordinated with other programs designed to provide tax benefits for meeting higher education expenses in order to avoid the duplication of benefits. However, if a Federal Qualified Withdrawal is also a Nebraska Non-Qualified Withdrawal, the withdrawal may be subject to recapture of Nebraska state income tax deductions previously taken, and the earnings portion of the withdrawal may be included in your gross income for Nebraska state income tax purposes.
#529 ELIGIBLE EXPENSES SOFTWARE#
expenses for the purchase of computer or certain peripheral equipment, computer software, or Internet access and related services, if such equipment, software or services are to be used primarily by the Beneficiary during any of the years the Beneficiary is enrolled at an Eligible Educational Institution įederal Qualified Withdrawals are generally free from federal income tax and penalties.expenses for special needs services in the case of a special needs Beneficiary that are incurred in connection with enrollment or attendance at an Eligible Educational Institution.certain room and board expenses incurred by students who are enrolled at least half-time at an Eligible Educational Institution.tuition, fees, books, supplies, and equipment required for enrollment of, or attendance by, a Beneficiary at an Eligible Educational Institution.
A Federal Qualified Withdrawal is a withdrawal to pay for Federal Qualified Higher Education Expenses.
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