529 plans and violin expenses

Edited: August 10, 2023, 8:34 PM · 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).

Good question for a tax lawyer.

August 11, 2023, 2:58 PM · 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.

You can roll over unused funds in a 529 from one child to a sibling. We did that when our eldest got a large scholarship.

August 12, 2023, 8:01 AM · 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.