SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Hi all,
I find myself in the situation where I think I have more money in my kids' college accounts (ESAs and 529s) than they will likely need. I therefore would like to make qualified tax-free distributions for anything and everything that can qualify.
I already make qualified tax-free distributions for things that I know fall within the normal bounds of the law.
I also generally am aware of the ability to transfer leftover amounts to relatives.
I also know about the provision for scholarships, which I will probably use if needed.
Finally, my question:
My daughter attends a private Catholic high school. Every spring, her orchestra teacher organizes a school music trip that includes kids from the orchestra, choir, and band. The trip is optional. The kids travel somewhere, do some music-related educational activities (like record their own tracks in a professional sound recording studio), and do some sightseeing. The orchestra and band teacher lead the trip. Some kids' parents probably chaperone. Each kid and/or kids' family pays money for their kid to go; the money covers everything in the trip - food, hotel, transportation, and educational program.
If I make a distribution from my daughter's ESA for this trip and claim it is a qualified educational expense, do you think this meets the IRS' rules?
Probably not, but I thought I'd ask.
I find myself in the situation where I think I have more money in my kids' college accounts (ESAs and 529s) than they will likely need. I therefore would like to make qualified tax-free distributions for anything and everything that can qualify.
I already make qualified tax-free distributions for things that I know fall within the normal bounds of the law.
I also generally am aware of the ability to transfer leftover amounts to relatives.
I also know about the provision for scholarships, which I will probably use if needed.
Finally, my question:
My daughter attends a private Catholic high school. Every spring, her orchestra teacher organizes a school music trip that includes kids from the orchestra, choir, and band. The trip is optional. The kids travel somewhere, do some music-related educational activities (like record their own tracks in a professional sound recording studio), and do some sightseeing. The orchestra and band teacher lead the trip. Some kids' parents probably chaperone. Each kid and/or kids' family pays money for their kid to go; the money covers everything in the trip - food, hotel, transportation, and educational program.
If I make a distribution from my daughter's ESA for this trip and claim it is a qualified educational expense, do you think this meets the IRS' rules?
Probably not, but I thought I'd ask.