College Saving Plan

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Jun 25th 2018, 1:37 am

#16

spouse of scouse

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Joined: Jan 2013

Location: Western Australia

Posts: 21,138

spouse of scouse has a reputation beyond repute

Re: College Saving Plan

Quote:

Originally Posted by moi

You can pass it on to another sibling, a niece/nephew or yourself as far as I know. The worst case scenario you would then pay a 10% federal penalty as far as I know if you cashed it in.

Thanks

Jun 25th 2018, 1:46 am

#17

tom169

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Joined: Mar 2015

Location: NC, USA (ex Yorkshire)

Posts: 4,375

Re: College Saving Plan

Quote:

Originally Posted by spouse of scouse

Thanks

And if they do decide college and earned scholarships an equal amount can be removed from the account without penalty. Same if the beneficiary dies or is disabled.

Jun 25th 2018, 1:47 am

#18

spouse of scouse

Concierge

Joined: Jan 2013

Location: Western Australia

Posts: 21,138

Re: College Saving Plan

Quote:

Originally Posted by tom169

And if they do decide college and earned scholarships an equal amount can be removed from the account without penalty. Same if the beneficiary dies or is disabled.

Thanks to you too Tom