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Message
re: Louisiana 529b K12
Posted on 2/4/19 at 11:30 am to LSUFanHouston
Posted on 2/4/19 at 11:30 am to LSUFanHouston
quote:
and can be taken out tax-free as well.
when? is there a deadline it has to stay in a fund until used for college? taxes and penalties before hand? i am thinking of opening one also for my daughter.
1
Posted on 2/4/19 at 12:13 pm to Fat Bastard
quote:
when? is there a deadline it has to stay in a fund until used for college? taxes and penalties before hand? i am thinking of opening one also for my daughter.
No deadline per se. But if you pull it out and use the money for non-qualifying expenses, you will owe tax and penalty on the earnings portion of the withdrawal.
What some people will do, if it turns out they don't need the money, is change the beneficiary. Especially if the grandparents own the accounts, they will just change beneficiary to other grandkids, etc.
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