Item Term Wishdrawals from a 529 plan used for education exp

Item Term Wishdrawals from a 529 plan used for education expenses Tax-exempt income Personal exemption Tax credit Deduction An amount that changes if you are over 65 years of age Standard deduction Itemized deductions Tax credits Adjustments to gross income Job expenses Included in itemized deductions Included in personal exemptions Included in tax credits sed to calculate adjusted gross income

Solution

1. Withdrawal from 529 plan are tax-exempt income if they are used for educational purposes.

2. Higher standard deduction will be available if an individual is over 65 years of age.

Hence, Standard deduction amount will change if you are over 65 years of age.

3. Job expenses are included in itemized deduction.