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Reply to "Open two 529s for two kids?"
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[quote=Anonymous][quote=Anonymous]Ok but still, what if one child does not pursue any schooling beyond highschool, has a serious illness or adverse event? Do you not worry about being able to access that money for other needs if you had to? I feel like I'm playing an odds game which hopefully turns out fine, but want to be realistic about all possibilities. [/quote] You can always withdraw the amount of the principal you put in without penalty. So, if you put in $50k over 18 years and your 529 gains $40k in that time, you would only pay taxes and the 10% withdrawal penalty on the accrued $40k. It's up to you whether the tax deduction you can get on your contributions balances out that potential penalty on the gains. Really the only thing to consider is the 10% withdrawal penalty, because you'd also have to pay taxes on the gains of any regular old investment. [/quote]
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