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College and University Discussion
Reply to "Mechanics of paying from 529 account to college"
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[quote=Anonymous]If you were allowed to start 10 accounts with a $4000 deduction, everyone would do it. There can be one account owned by you (the parents) and one owned by your brother for the benefit of your child and he can get the deduction, but you are only allowed to take one credit for accounts you own. You can deposit and withdrawal for school right away, no minimum/no maximum time needed in the account. Any withdrawal has to be in the same calendar year as the expense and has to be for a qualified school expense or its penalized. Schools accept payments from any account, they just want the money. [/quote]
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