<p>So as a diversion from waiting for acceptance/rejection notices, how about a little financial/tax question? I tried searching for this in both MT and general forums and didn't find an answer, but if the long-time members know where a thread is then please supply a link. </p>
<p>The question is - for our theatre/MT kids, what are "Qualified Expenses" that can be paid for by our education savings (Coverdell, 529, etc.). I know tuition, room & board are qualified, but other places I look usually mention books and supplies. Do things like dance shoes/clothes, sheet music fees/downloads, etc., count as qualified expenses? </p>
<p>I know there are a lot of extras like this that we'll need to pay for. I've also seen that some things you would think are requirements (specifically a student's computer) are explicitly not covered (at least by 529s). This is our first kiddo going to college this fall and I'm just trying to figure out how this stuff works.</p>
<p>[Side note: anyone want to take on moving the IRS out of the 1970s and into modern time where computers are recognized as a required education tool? I was required to have a computer when I did my MBA 20+ years ago. End of rant.). </p>
<p>I can’t answer your question - I didn’t have a 529 etc - but I do know that when I do taxes, I am allowed to deduct for items that are specifically <em>required</em> from the school for their classes. Computers do not count as they are not required by the school (they can always use the school computer, for instance, and it is not a specific course requirement). Books in the syllabi are an obvious example of something that is required. I would think that other items that the BFA program <em>requires</em>, like dance shoes, would qualify, but again I am only making a guess. I thought other required expenses may also qualify, such as a required outing to see a play (my D was covered by a scholarship in her case). </p>
<p>My H tends to be very strict when he takes $ for Qualified expenses, whereas we have found the some of our friends tend to be more lenient and assume no one will check. (?!) For example it was strongly suggested that D purchase her own keyboard and other musical equipment for her voice and keyboarding classes (which of course we did) however the school does have practice rooms and recording equipment could be shared, so in H’s eyes that did not qualify as a required expense. We do know people who have called laptops and other things required items. “Living on the edge” is not for us!</p>
<p>Thanks, that’s why I was asking. I don’t want to set off sirens and flashing red lights at the IRS. At the same time we need to figure out how to pay for everything. Books I’m comfortable would be included. While I understand the position on computers, I still think it is archaic to not include those in this day and age. It is a lot of the smaller stuff that seems to be the grey area and was curious about people’s experience. </p>