[Video] Rolling Over A Pre Funded 529 From Another State
STEPHEN SMALENBERGER, EA ®
You’ve opened a 529 account and now you want to know what changes you can make and what options are available to you. There are two things we’ll discuss in this video.
The first thing available to you is a Rollover.
Perhaps you opened this in another state from where you live today. You can move it from plan to plan. If you contributed and received the state tax deduction at the time you may have to recapture some of the tax deductions you received. You are only allowed to change 529 plans per beneficiary once every twelve months.
But, if you have an existing plan you can also change who the beneficiary is.
A great characteristic of the 529 plan is that you can change the beneficiary from one child to another family member if you want. So if one child doesn’t go to college you can change the funds to fund another child’s education.
There are a lot of options with the 529 plan and can be a great way to save and plan for future college expenses.
Want to talk about your financial plan with someone who has been there? Schedule a call with Michelle and Steve to discuss your portfolio today.
Don’t let college expenses creep up on you as your child ages.
It only takes a little bit of planning and the right choice in investment accounts to prepare for this important event in your child’s future!
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