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
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Tagged with: 529 College • 529 Plan • 529 Plans • Advice • Custodial Account • Taxes • Thanks In Advance • Transfer Money
Filed under: Money Saving Tips
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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.