Qualified Higher Education Expenses
Unlock the power of your GET or WA529 Invest account
Use 529 funds to pay for qualified higher education expenses in the chart below.
Distributions from 529 plans to cover qualified expenses must be made in the same calendar year expenses are incurred; retaining documentation of expenses is recommended. Consult with a qualified tax and/or financial professional about your individual situation. For more information, please review IRS Publication 970 – Tax Benefits for Education. IRS Publication 970 is available on the IRS website
(www.irs.gov) or by calling the IRS at 1.800.829.1040.
| Tuition | |
|---|---|
| State-mandated fees | |
| College-specific fees | |
| Room and board on-campus or off-campus | |
| Books, supplies & equipment | |
| Computers, software & Internet access | |
| Special needs | |
| K-12 tuition | |
| Apprenticeship programs | |
| Student loans | |
| Tuition | Full-time or part-time tuition. Regular academic year or summer program. Undergraduate or graduate/professional program. |
| State-mandated fees | Fees a State requires its public colleges and universities to charge. Washington State fees include: operating, building, and services and activities fees (Revised Code of Washington 28B.15.020 & 28B.15.041). |
| College-specific fees | School specific fees, like technology fees, library fees, recreation fees, and fees to secure repayment of bonded indebtedness are not considered state-mandated fees. These fees are not included when determining the GET payout value amount. You may use GET units to pay these fees after paying tuition and state-mandated fees with extra units available. These fees can also be paid using funds from WA529 Invest or other 529 accounts. |
| Room and board on-campus or off-campus | Actual room and board expenses charge by a college or university for campus housing and meal plans or certain off-campus rent and food costs. Students must attend at least half-time. Expenses can’t exceed room and board allowances calculated by the college or university in its Cost of Attendance budget (Check with your school’s financial aid office to determine room and board allowance). |
| Books, supplies & equipment | The college course must require these expenses. |
| Computers, software & Internet access | Purchase of computer or peripheral equipment, computer software, and Internet access to be used primarily by a 529 plan beneficiary while enrolled. |
| Special needs | Expenses of a student with special needs that are necessary in connection with that person’s higher education. |
| K-12 tuition | Tuition (up to $10,000 annually) at elementary and secondary public, private, and religious schools. Note: GET and the investment options within WA529 Invest are specifically designed to save for qualified higher education expenses at postsecondary schools and are not intended to help you meet your K-12 savings goals. Please consult a tax and/or financial professional. |
| Apprenticeship programs | Certain expenses associated with apprenticeship programs registered and certified by the Secretary of Labor under the National Apprenticeship Act. |
| Student loans | Principal and interest on qualified education loans of a beneficiary or the sibling of a beneficiary. This provision applies to repayments up to $10,000 per individual. This is a lifetime amount (It is not an annual limit ). |