529 college savings plan - FAQ?

Who is included in the Internal Revenue Code's definition of a "qualified family member"? For purposes of changing beneficiaries on a 529 plan account, the IRC defines a qualified family member as one of the following (in relation to the current beneficiary): Son or daughter or descendant of son or daughter
Stepson or stepdaughter
Brother, sister, stepbrother, stepsister
Mother or father or parent of mother or father
Stepmother or stepfather
Son or daughter of brother or sister
Brother or sister of mother or father
Spouse of any individual listed above
First cousin of beneficiary
Brother-in-law, sister-in-law, son-in-law, daughter-in-law, father-in-law, mother-in-law

What expenses are considered "qualified" under the plan? As defined by the IRC, qualified higher education expenses include tuition, fees, room, board, books, supplies and equipment required for enrollment in or attendance at an eligible educational institution. Eligible institutions include 2-year and 4-year public and private universities, graduate and professional programs, and even some vocational programs. A list of eligible institutions can be found at www.fafsa.ed.gov

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