We are trying to set up a monthly 529 withdrawal (Scholarshare/CA) for my son’s college off-campus apartment rent, and have it directly deposited to AppFolio that the property manager uses. Has anyone successfully done this? We know we can pay it monthly from our bank account and then reimburse ourselves from the 529, but that’s not the ideal solution for us. If anyone has successfully done this, we’d love to know how to make it work!
Does the 529 plan administrator say they have the ability to pay a non-academic third party directly? Usually, the only choices for direct distributions from a 529 account are the account owner, the account beneficiary, or an academic institution.
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Thank you. I appreciate the response and the information. It looks like we’ll have to continue the multi step process.
I actually would prefer to have the 529 sent to me and then pay the rent (via an automatic payment?). There are way way way too many things that could go wrong and you wouldn’t know it until a payment was missed and you are out of the loop. As long as you have at least one month cushion in your bank account, if a 529 payment is late, the rent would be covered.
Yep, I’m a control freak.
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