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College and University Discussion
Reply to "Overfunded 529? What to do with the money? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If they receive a scholarship you can remove that much money penalty free.[/quote] Interesting. Any type of scholarship? [/quote] We looked into this for my kid. If I remember right, they have to pay income taxes on the earnings. We decided to just leave it in there and [b]let them save it for grandchildren[/b]. If it looks like that won't be happening, we'll move it to a Roth.[/quote] What if there aren't any grandchildren? I would talk with your financial advisor - my guess is there is a better way to manage your money than living it in a 529 for years with no guarantees it will get used. [/quote]
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