This allows you to diversify your savings or open separate plans for different beneficiaries. However, it's important to be mindful of potential gift tax implications when contributing to multiple plans for the same beneficiary. Adapting to Change Life doesn't always follow a straight path. If...
You can change the beneficiary as mentioned earlier. Or, you can just take the withdrawal from the 529 and forgo some of the tax benefits. The IRS waives the 10% penalty for non-qualified withdrawals if the beneficiary receives a tax-free scholarship (ex. ROTC), a service academy ap...
You can change the designated beneficiary of an existing 529 plan, provided that the new or updated beneficiary is a family member of the old or previous beneficiary. Note that transfers between siblings are not considered rollovers, so moving around within an existing...
Up to $10,000 per year can be spent on tuition costs at qualified private, public or religious K-12 schools. "It's important to know that the $10,000 annual limit is per beneficiary, not per account – the money can come from multiple 529 accounts," Durkan says. "...
there is a lifetime rollover limit of $35,000, as well as an annual rollover limit, which is equal to the yearly IRA contribution limit ($6,500 this year). The individual who moves the funds must be the designated beneficiary of the 529 plan (not the custodian of the account), and ...
Control. When you open a 529 account with a child or grandchild as a beneficiary, you maintain control of the account, which lets you decide when to take a distribution; you can even decide to change the beneficiary if you wish.5 A grandparent can open a 529 and maintain total cont...
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the earnings may be subject to taxes and a 10% penalty. With 529 plans you retain control and must invest in the options available in the state-sponsored plan, which are usually mutual funds. You can usually change your allocation only twice per year. These plans are also treated more favo...
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When the beneficiary turns 30, you generally have to take out all the money in the account within 30 days. HSAs Health savings accounts (HSAs) are used to save for future medical expenses. But they’re a bit unique in that they provide tax benefits both when you put...