If your college issued a partial refund for the spring semester, any money originally paid out from your 529 college savings account should be re-contributed.
have become increasingly popular as a college savings tool, particularly because of their tax advantages. Total investments in 529s jumped nearly 20%, to a record $371.5 billion last year, according to the College Savings Plans Network.
If the money deposited back in 529 leaves a balance beyond what is needed to pay for school, any funds left over can be used for education expenses down the road, whether that is next semester or for post-undergraduate studies at a later date, Sprung said.In any of these scenarios, "I would highly recommend keeping statements and a paper trail to effectively show the money that was returned to you and how it was handled," Sprung said.
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