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Quiz: 529 Plan Funds and Qualified Education Expenses

Published: May 2015

It can be a very exciting time of year: Your high school graduate is getting ready to head off to college. If you have a 529 education plan to help cover the costs, you're probably aware that unless you use the funds on "qualified education expenses," as defined by the Internal Revenue Service, you could face penalties.

So, what can you use 529 funds for without penalties? Take our quiz to see how much you really know about 529 qualified education expenses.

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Check with your 529 plan's administrator, as well as the rules of your state and educational institution, before using 529 funds. That way, you know exactly what is and what is not allowed in your specific situation.

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1Financial Industry Regulatory Authority

2Kiplinger Magazine

3Internal Revenue Service


Securities offered by Personal Financial Representatives through Allstate Financial Services, LLC (LSA Securities in LA and PA). Registered Broker-Dealer. Member FINRA, SIPC. Main Office: 2920 South 84th Street, Lincoln, NE 68506. (877) 525-5727 Check the background of this firm on FINRA's BrokerCheck website.

Please note that Allstate Life Insurance Company or its agents and representatives cannot give legal or tax advice. The brief discussion of taxes on this page may not be complete or current. The laws and regulations are complex and subject to change. For complete details consult your attorney or tax advisor

The statements above are for educational purposes only and not intended as specific tax advice. Allstate cannot provide tax or legal advice. Consult a tax advisor regarding your particular circumstances.

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