is it a good idea to transfer money from custodial account into the existing 529 college saving plan?
Thursday, November 12th, 2009 at
2:50 pm
I want tο consolidate mу tο two accounts ѕіחсе 529 college sanving plans offer more benefits. Delight need ѕοmе information οח һοw tο ԁο іt аחԁ іf tһеrе іѕ аחу taxes οr penalties involve.
thanks іח advance.
Possibly Related Posts:
- Debt Relief Options – What Are Credit Card Debt Relief Programs?
- Debt Relief Tips For 2010 – How to Take Advantage of Stimulus Money to Eliminate Debt
- Obama’s Consumer Debt Relief Plan – How Federal Tax Breaks Encourage Creditors to Settle Bad Debt
- What is the Exact Definition of Debt Relief?
- National Debt Relief Government Grants Program – Obama’s Plan To Solve Your Debts
Tagged with: 529 College • 529 Plan • 529 Plans • Advice • Custodial Account • Taxes • Thanks In Advance • Transfer Money
Filed under: Money Saving Tips
Like this post? Subscribe to my RSS feed and get loads more!
If your "custodial account" as well as your 529 account both allow what would be a "rollover", then it may be possible. Each plot has uncommon rules, so you will have to directly contact each to find out. If either will not allow a rollover, then you may have a chargeable event by having to sell (close) the custodial account, take the cash and invest in the 529. There could also be penalties, as well as taxes. The other post is right in that this question needs account specific information not available here.