Unused funds in 529
We have about 5000 unused funds in our daughter's 529 account. Does it make sense to withdraw the money, pay the taxes/penalty and put it into a high yield savings account to try to recoup the loss?
Quick Answer:
Withdrawing funds from a 529 account for non-qualified expenses involves specific tax implications.
If the account has *earnings* (i.e., the current value exceeds your total contributions
Note: This answer is provided for convenience only. It is important that you speak to a CPA about your individual tax situation.
