Leftover 529 money
My some graduated from college and I still have $3500 left in his 529 plan. My daughter is getting married this year and I would like to use that money towards the wedding. Can I take it out and use it?
Terry Says
Only if you pay a 10% tax penalty and ordinary income taxes on the withdrawal. Is it worth it? Or should you leave it there in case you have a grandchild and it can be used for that child, while growing tax free over all those years!!
