Q: We will not need all the money we have in my son’s 529 plan. What are our options with these funds? Can we use the money ourselves? And here's the answer:
Q.: We will not need all the money we have in my son’s 529 plan. What are our options with these funds? Can we use the money ourselves?A.: Sandy, you have a lot of options. The rules applicable to 529 savings plans are found in Code Section 529. The plans are quite flexible.
The taxes apply to earnings only. Contributions were made after tax and are not taxed again. The 529 plan tracks how much of an account balance is attributable to contributions and how much is earnings.
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