Does using a 529 plan to pay for college prevent me from receiving federal tax deductions or credits for education expenses?

No. However, you cannot claim a deduction or credit for expenses that were funded using 529 plan assets. You may be eligible to claim a credit or deduction for the expenses you paid using non-529 assets under the tuition and fees deduction, the American Opportunity Tax Credit or the Lifetime Learning Credit. You should consult a tax advisor for additional questions regarding federal tax deductions.






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