KrisD15
Expert Alumni

Deductions & credits

Yes, HOWEVER

 

a roll-over is only allowed once every 12 months per student/beneficiary, so if anyone else has an account for that same person, their roll-overs would count towards the limit.

 

Also, if you received any tax benefit for the original contribution(s), that tax benefit would need to be re-payed, or "recaptured" for the state that gave the original credit. 

(A COVERDELL account would NOT be treated the same as a 529 account) 

 

 

 South Carolina's 529 link

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