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certain room and board expenses during academic periods in which the beneficiary is enrolled at least half-time at an eligible educational institution and.expenses for fees, books, supplies, and equipment required for the participation of a beneficiary in an apprenticeship program registered and certified with the Secretary of Labor (apprenticeship expenses).tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution the purchase of certain computer equipment, software, internet access, and related services, if used primarily by the beneficiary while enrolled at an eligible educational institution.These expenses are considered qualified expenses for both federal and New York State income tax purposes and include:
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You can use the money in your account to pay for a variety of qualified higher education expenses. FAQs: Managing your account Using your 529 money How can I use the money in my account? Are there other expenses for which I can use the money in my account? Do I have to pay taxes on withdrawals I take from my account? Do I pay taxes on rollovers to an ABLE Plan? Do I have to use my savings at a New York college or university? How do I know which educational institutions are eligible? What types of withdrawals are qualified under federal law, but nonqualified under New York State law? Contributing How can I contribute to my account? Who can contribute to an account? How can friends and family members contribute to my account? If I choose to mail a check, when will my contribution be invested in the plan? If I make a contribution via bank transfer, when will it be invested? If I set up recurring contributions (also known as an automatic investment plan or AIP), when will my contributions be invested? What kinds of accounts can I use for recurring contributions or bank transfers? Can I set up recurring contributions or a bank transfer using assets from a mutual fund? Can I recontribute refunds that I receive from a college or university? Making withdrawals How soon can I begin making withdrawals? How do I make withdrawals from the plan? How long do withdrawals take? What tax forms will I receive when I make a withdrawal? Changing beneficiaries Can I change the beneficiary? What happens if the beneficiary doesn't want to continue his or her education? Using your 529 money How can I use the money in my account?