Latest / The College Savings Podcast with Fexingo: 529 Plans, Education Funding, and Student Costs
What Happens to a 529 Plan If Your Child Doesn't Go to College
Nearly a third of 529 plan beneficiaries change their plans. Lucas and Luna walk through your options if your child decides against college: changing the beneficiary to another family member, rolling funds into a Roth IRA, withdrawing penalty-free for scholarships, or taking a non-qualified withdrawal. They cover the IRS family rules, the 35k Roth limit, and what happens when a beneficiary chooses trade school over a four-year degree. Plus, a real-world example of how one family handled a 50k plan after their daughter joined the military.
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The skinny
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