How does VA Chapter 35 Benefits affect my calculations for qualified education expenses when withdrawing from 529 plan?
VA chapter 35 benefits are deposited directly into my son's checking account. I'm trying to determine if my son with get taxed 10% on the earnings portion of his 529 if I withdrawal money to cover room & board. If I understand correctly the 10% penalty is waived in this instance. His tuition & fees are paid by directly to his college by another veterans program with the state of Virginia. I know I can not withdrawal the amount for tuition & fees from his 529.
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