Let me make sure I understand.
- You have 2 children.
- I'm guessing that you would have (2) 529 college savings plans.
- I think you are suggesting that one withdrawal was larger, but wasn't used by that beneficiary child, so you want to apply it to the other child.
The 529 plan has one specific beneficiary assigned to the plan.
- All of the proceeds from that plan are attributed to that beneficiary.
- You can switch beneficiaries to another family member or relative as defined by the IRS, but only the existing beneficiary can use the funds for education.
"The person who opens the 529 plan account is called the account holder or the saver. The person the account is opened for is called the beneficiary or the student. The account holder and the beneficiary can be the same person."
If this does not completely answer your question, please contact us again and provide some additional details.
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