How to use a 529 plan for multiple children It’s possible to use a single 529 plan for the benefit of multiple children. For example, if your children’s ages are more than four years apart, you may be able to change the plan’s beneficiary after the first child graduates. If you ...
How to add a beneficiary How to change beneficiaries Managing your investments How to change investment strategy for previously contributed funds How to change the investment strategy for future contributions How to set up recurring exchange (automatic dollar cost averaging) Have...
Contribute to a ScholarShare 529 or request a gift through our Ugift®platform. Start gifting The cost of college Get information to help you plan and save for rising tuition, fees, and other college expenses. Find out more Contact us ...
You can change the beneficiary to another qualifying family member without tax consequences. Another option is leveraging for private K-12 education or savings for grandchildren. If you truly have no other use for your leftover 529 plan savings, you can always take a non-qualified distribution. ...
Unlike IRAs, 529 plans do not have annual contribution limits. However, each state sets a maximum aggregate contribution limit per beneficiary, typically ranging from $235,000 to $550,000. This represents the total amount that can be contributed to a beneficiary's plan throughout their lifetim...
Please refer to IRS Publication 970 for clarity regarding the definition of a family member (see details below). The rollover must occur within 60 days of the withdrawal for the distribution not to be taxable. You can change the designated beneficiary of an existing...
As long as the grandparent does not make any additional contributions to the same beneficiary over the next five years, this lump-sum contribution will not count against their lifetime gift tax exemption.131 Benefits and Potential Drawbacks of 529 Plans ...
To calculate a 529 plan beneficiary’squalified education expenses, first, add up: College expenses, including tuition, fees, books, supplies and equipment, computers, and room and board if the student is enrolled on at least a half-time basis ...
benefits: You’ll have complete control over when and how the money is withdrawn, and when it comes to applying for financial aid, your child won’t have a huge account in their name. (Keep in mind: You can always change the beneficiary in the future if you have more than one kid.)...
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...