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If you withdraw the money for non-qualified expenses, then those withdrawals are subject to taxes — plus, there’s a 10% IRS penalty on top of that (though there are a few exceptions to the ...
You can use funds from your 529 plan to pay for qualified education expenses at eligible institutions nationwide. Withdrawals for qualified expenses are tax-free, but non-qualified withdrawals are ...
After years of investing in your children’s college education, you’re ready to reach into your 529 college savings plan and send your kid off to the best years of his or her life. But while ...
Continue reading → The post 529 Plan Withdrawal Rules appeared first on SmartAsset Blog. A 529 college savings plan, also known as a qualified tuition plan (QTP), is one of the best choices for ...
The funds from a 529 plan are used for qualified education expenses. These expenses are typically tuition, fees, textbooks, computers and equipment and are charged to the student in relation to attending an institution defined as any eligible public, non-profit or private college or university, technical, vocational, or trade institutions.
A 529 plan allows a participant to set up a tax-advantaged account to allow a beneficiary to use the funds for qualified education expenses. The participant deposits after-tax money in the account.
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