Using 529 for Payment of Invoices
Currently, the 529 rules for K-12 eligible uses of funds are broadly defined as, “K-12 tuition expenses at public, private, or religious schools”. While services here at Made for Math are tuition-based, we are not a school. We recommend seeking advice from your accountant.
If a parent would like to use funds from their 529 to pay for their tuition at Made for Math, they’ll need to contact their 529 account manager to ask for specifics around eligibility as each state has its own rules in addition to federally mandated rules.
Typically, using 529 funds for K-12 tuition requires the 529 checks to be written to the legal guardians/beneficiaries as we do not fall under the description of ‘eligible educational institution’.
We suggest that you pay for your tuition here at Made for Math with your own ACH/eCheck or credit card and then use the check from your 529 to reimburse you for this expense.
When doing so, make sure to keep good notes in your accounting software and only request a check from the 529 funds that match the exact amount for the invoice paid at Made for Math.
If a 529 expense is found to not qualify for your reimbursement, an early withdrawal tax may apply. Again, please consult your tax advisor or accountant on this matter.
If you have any other questions, please let us know.