Quote:
Originally Posted by kepp
From https://www.missourimost.org/content...529basics.html
What happens if the beneficiary doesn't want to continue his or her education?
If that's the case, you have a couple of options. You can stay invested in case he or she decides to attend school later (there's no age limit on using the money), you can change the beneficiary to an eligible family member, or you can withdraw the money for other uses. A 10% penalty tax on earnings (as well as federal and state income taxes) will apply if you withdraw the money to pay for nonqualified expenses. |
Isn't it similar to an IRA that you could pull it out at retirement age without penalties? Seems like I have heard that before.
__________________
My dear girl, there are some things that just aren’t done. Such as, drinking Dom Perignon ’53 above the temperature of 38 degrees Fahrenheit. That’s just as bad as listening to the Beatles without earmuffs.
|