529 plans and violin expenses
My son has a 529 plan that we have put a small amount of money into each month since he was a baby. He is going to college in a week. He doesn't have any tuition, but there are some costs for room and board, which we will use the 529 for.
My question is what else violin-related can it be used for? Bow rehairs? Strings? The suit required for orchestra? Or is that stretching things too much?
I'm thinking "no" to the specific examples you mentioned but I think you can use it for living expenses -- so that means not only boarding expenses through the institution but also rent and groceries -- maybe including renters insurance -- if he's living off campus. And if renters insurance, then possibly that could include a rider for the instrument. (I doubt renters insurance would be an allowed expense.) Also there will be books, bound editions, various fees. The successful institution of higher education is one that has a very diversified plan for taking your money. NOT transportation to and from the institution if living off campus. Computer or iPad. Possibly subscriptions (Spotify, iTunes).
I would be very surprised if any of the violin-related expenses were allowable for the 529, though living expenses certainly are. I agree that it’s best to consult your financial advisor or tax lawyer.
Thank you both. I figured as much. I think living expenses will likely use up most of the account (it's not a ton of money) over 4 years, so I am not that worried about it. Just trying to figure out the best option financially.
This discussion has been archived and is no longer accepting responses.