- Mar 15, 2009
My son will be starting college next fall and has done really well academically and will have close to all his expenses, including room and board, covered by his school. We also have been saving for him in a 529 account since he was born. From what I can tell, there are possible penalties to the earnings if he does not have qualified expenses to use them on. Can anyone provide some details on how it has worked for them as they start drawing on their own accounts? Anyone else run into this themselves?