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 Post subject: 529 transfer?
PostPosted: Sun Mar 17, 2013 2:23 pm 

Joined: Fri Aug 03, 2012 11:04 am
Posts: 4
I feel a little weird posting this question because I know it is a problem a lot of people would like to have. However, I still need advice.

I started saving for graduate school right after I got out of college and started my first job. I was able to save a good amount after a year in a 529 plan ($4,000). After that, I started grad school. My school was very generous and covered all of my expenses (tuition plus a stipend) and I am still working. I don't really need the $4,000.

After I graduate from the master's portion of the program and start my doctorate, I might need the money for rent since the stipend will stop. However, there is a chance that I still won't need to use the saved money.

I am wondering if I am allowed to put this money in a 529 plan for my kids (when I have them) or if I am better off using the money now/during the doctorate portion of my program.

Thanks in advance!


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 Post subject: Re: 529 transfer?
PostPosted: Sun Mar 17, 2013 2:56 pm 

Joined: Sat Feb 23, 2013 12:09 am
Posts: 40
You can definitely change the beneficiary from yourself to your child. You probably just need to submit a change of beneficiary form, may even be able to this online depending on the state and program manager. It's a pretty common situation though.


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 Post subject: Re: 529 transfer?
PostPosted: Mon Mar 18, 2013 8:40 am 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1627
Location: Seattle, WA
Yes, you are allowed to change the beneficiary.

Is it better to use the money now? Well, that depends; are you taking on loans for living expenses?

There is also a provision for taking money out penalty-free when you receive a scholarship. You would have to pay income taxes on any gain, but not a penalty. Note that any taxes and penalty are figured only on the gains in the account, not on the contributions.


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