Latest / The College Savings Podcast with Fexingo: 529 Plans, Education Funding, and Student Costs
Using 529 Plans for College Application Fees and Test Prep
In this episode, Lucas and Luna explore a less obvious but valuable use of 529 plan funds: covering college application fees and standardized test prep costs. They break down what counts as a qualified expense, how to document withdrawals to stay within IRS rules, and why timing matters to avoid penalties. The discussion uses a real-world example of a family navigating the college application season, showing how 529 funds can ease the financial stress of applying to multiple schools. They also address the recent changes like the SECURE Act that expand 529 flexibility, and share practical tips…
The skinny
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