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re: What is a "realistic" goal for a child's 529 contribution?
Posted on 9/13/16 at 8:15 am to HailToTheChiz
Posted on 9/13/16 at 8:15 am to HailToTheChiz
quote:
i need to look, but say you fund the 529 for 18 years and your kid decides not to go to college
what happens with all the money? i assume it can be withdrawn at a taxed penalty?
You will be taxed at your tax rate plus 10% penalty.
But say your child goes to college and has scholarships. You can pull out an amount equal to those scholarships without penalty for your own personal use.
This post was edited on 9/13/16 at 8:23 am
1
Posted on 9/13/16 at 8:32 am to bwallcubfan
quote:
But say your child goes to college and has scholarships. You can pull out an amount equal to those scholarships without penalty for your own personal use.
Beautiful. Did not know that.
This post was edited on 9/13/16 at 8:32 am
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