Reply to If your kid doesn't spend their 529, what will you do with that money?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I gave it to my kid and told them to save it for grad school but if they didn’t go to grad school they could use it for a downpayment or something (didn’t want to leave it in the 529 in case they didn’t go to grad school). [/quote]

So you paid the withdrawal tax on it? Or, did you cheat on your taxes? Curious.[/quote]

For reasons not worth explaining we ended up paying out of other funds so we neither paid the tax nor cheated on our taxes as [b]there is no requirement that the exact dollars used for tuition be traceable to the 529. [/b]

Basically we felt that we didn’t need those funds for retirement or other siblings but also we weren’t sure we’d be able to contribute more to grad school so we decided it was better to give the funds now with the understanding that it was all they could expect to get to fund grad school.

[/quote]

LOL. So you cheated on your taxes, got it. Also, kinda dumb if he’s going up grad school. It could have grown tax free.[/quote]

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