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Creative 529 uses?

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  • Creative 529 uses?

    Say you have extra money left over in the 529 after the kids are done with their schooling.  Sure, you can save it for other family or a future generation.

    But what if you assign yourself as the beneficiary?  There is always the option of taking archery classes at the local community college or even getting a Master's degree, commercial diving qualification, or a culinary arts certificate.  (And get a room and board reimbursement at same time, possibly?)

    However, has anyone used 529 money for CME?  (Assuming the CME is provided by an eligible educational institution.)  Or perhaps for a diploma program, such as tropical health?

    Just curious if folks have tried some hacking options.

  • #2
    Just note that, as you iterated, the funds have to be used for qualified higher ed expenses. That said, you've come up with some good ideas. I'd throw in foreign language studies before taking that trip-of-a-lifetime to study the Chinese culture! Looking forward to other thoughts. Note that ESA funds can also be used.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      I never thought about CME expenses.  I wonder if they would be eligible?  Such as the ACE/SEE courses from ASA.

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      • #4
        See the paragraph beginning with "An eligible institution..."
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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        • #5
          Foreign language study is a good idea, Johanna, but I would suggest learning Chinese IN China.  (According to FAFSA, there are 411 eligible institutions in foreign countries.  I would consider intensive whisky research through several of the schools in Glasgow.)

          I am clearly biased, but as a non-lawyer/non-accountant reading the tax code, I wonder if there is some wiggle room: The University of XYZ is clearly an eligible institution (it participates in federal student aid programs, has a Dept of Ed school code).  There is a trip of a lifetime to some cool place that happens to provide CME (higher education?) accredited by the U of XYZ.  Eligible or no?

          What about a program such as the Diploma in Mountain Medicine in Switzerland?  Or Tropical Medicine certificate in Peru?  Hyperbaric medicine in Saudi Arabia?

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