like scholarships, for the most part money within a 529 plan will be taxed and penalized if it’s withdrawn for anything other than qualified education expenses. And if you received a state income tax deduction for your contributions, you may have to pay that back as well.
This is worth considering since there are a lot potential reasons that you might want to use this money for other goals:
Your child may go to a lower cost school than you anticipated.
Your child may not want to go to school at all.
The trend could reverse and college could become less expensive in the future.
You might need money for something else in the meantime.Big Boss vote
This is worth considering since there are a lot potential reasons that you might want to use this money for other goals:
Your child may go to a lower cost school than you anticipated.
Your child may not want to go to school at all.
The trend could reverse and college could become less expensive in the future.
You might need money for something else in the meantime.Big Boss vote
