You'll need to sign in or create an account to connect with an expert.
Please see TurboTax Lead Margaret's response to a similar question: https://ttlc.intuit.com/replies/5771234
A designated beneficiary is usually the student or future student for whom the plan is intended to provide benefits. The beneficiary is generally not limited to attending schools in the state that sponsors their 529 plan. But to be sure, check with a plan before setting up an account.
Q. Can I change the beneficiary of a 529 plan I have set up?A. Yes. There are no tax consequences if you change the designated beneficiary to another member of the family. Also, any funds distributed from a 529 plan are not taxable if rolled over to another plan for the benefit of the same beneficiary or for the benefit of a member of the beneficiary’s family. So, for example, you can roll funds from the 529 for one of your children into a sibling’s plan without penalty.
https://www.irs.gov/newsroom/529-plans-questions-and-answers
search results did not answer this question
Q. Re: Can I use 529 plan to pay an independent child's tuition?
A. Yes. There is no requirement that the student be your dependent, or even related to you. It is only required that the student be the named beneficiary on the 529 plan.
If the student has tuition and/or other qualified expenses, the distribution can be sent to either you (the owner of the plan) or him (the beneficiary) and still be a qualified distribution.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17545861291
Level 2
OPICIAKMIRIAK
New Member
sskale1
Level 2
hd3awbm
New Member
lennui
Level 1