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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 let them save it for grandchildren. If it looks like that won't be happening, we'll move it to a Roth.[/quote] can you pull it out bit by bit? having a kid pay income tax on 20k a year during college years will likely be nothing and it would set them up to pay any rent shortfall for first 5 years out of college (which, as a parent, I'm hoping to avoid). take advantage of the 35k roth conversion. leave 50k in the 529. grandkids won't be of college age for another 25-35 years. you really dont need 200k in there. [/quote]
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