<p>Hi I'm a freshman at the University of Miami this year and I was hoping to move off campus next year. Does anyone know if I could use a 529 plan to help pay for a house off campus?</p>
<p>Yes…As far as I know .As long as it’s within university estimates of housing</p>
<p>You can use 529 funds to pay for off-campus housing but to avoid and IRS penalty issues make sure you stay within the housing allowance guidelines of UMiami. To be safe, don’t use more 529 funds than the on-campus housing costs. Also, remember, only take out as much as you will use for “allowable education expenses” (tuition, room/board and books) for the Fall semester, as you cannot carry funds over a tax year without risking an audit and tax penalties. Its easy to make 529 mistakes so speak to a tax adviser if you or our parents aren’t clear on the restrictions.</p>