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csroach
New Member

Can I withdraw money from one son's 529 plan to cover expenses for another son in a masters program if his 529 plan is closed out?

Can I do this without  changing the beneficiary of the funded account?
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Hal_Al
Level 15

Can I withdraw money from one son's 529 plan to cover expenses for another son in a masters program if his 529 plan is closed out?

No. But what you can do is make a direct transfer of funds from one son's account to another's (or start a new account for him) and then draw the money out. See https://budgeting.thenest.com/transfer-529-plan-money-another-child-25989.html

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2 Replies
Hal_Al
Level 15

Can I withdraw money from one son's 529 plan to cover expenses for another son in a masters program if his 529 plan is closed out?

No. But what you can do is make a direct transfer of funds from one son's account to another's (or start a new account for him) and then draw the money out. See https://budgeting.thenest.com/transfer-529-plan-money-another-child-25989.html

csroach
New Member

Can I withdraw money from one son's 529 plan to cover expenses for another son in a masters program if his 529 plan is closed out?

Thank you.  I needed that confirmation.

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