Uncertain what some terms mean? Find explanations of key terms here.
- Individual account. Individual Account Agreement (form 100)
- Institutional account. Institutional Account Agreement (form 102)
- UGMA/UTMA account. UGMA/UTMA Account Agreement (form 104)
- Scholarship account. Scholarship Account Agreement (form 106)
Any accredited college, university, or trade school in the United States or abroad that participates in federal financial aid programs for students. Visit Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov for a list of participating schools.
Public, private, and religious kindergarten through 12th grade schools.
A member of the beneficiary’s family can be the beneficiary’s:
- Father or mother
- Brother or sister
- Legally adopted child
- Stepfather or stepmother
- Stepson or stepdaughter
- Brother-in-law or sister-in-law
- Son-in-law or daughter-in-law
- Father-in-law or mother-in-law
- Son or daughter of a brother or sister
- Beneficiary’s spouse
- Spouse of any of any people mentioned above
- First cousin
Expenses qualified for tax-free account withdrawals include:
- Tuition, fees, books, supplies, and equipment required for a beneficiary to enroll or attend an eligible educational institution, such as a college, university, or vocational school.
- Computers, peripheral equipment, educational software, and internet access and related services when used primarily by the beneficiary while enrolled at an eligible educational institution.
- Room and board for a beneficiary who is enrolled at least half time at an eligible educational institution. The expense may not exceed the cost determined by the eligible educational institution for on-campus room and board.
- Expenses for services for a special needs beneficiary to enroll and attend an eligible educational institution.
- K-12 tuition expenses at public, private, or religious schools. Payments for K-12 tuition expenses cannot exceed a combined total of $10,000 per calendar year per beneficiary from all qualified tuition programs, including my529.