E. Hurley Otherwise Quotations

I recommend that 529 account owners take care to withdraw 529 funds in the same calendar year as the payment of college expenses. Otherwise the taxpayer assumes the risk of IRS challenge by trying to tie this year's withdrawals to prior-year or future-year payments of qualifying expenses.

The individual with a college savings plan is someone who might otherwise be investing in taxable funds for their child's college education and they'd like to be able to put that money in a tax-advantaged savings account.