529 plan beneficisry graduated college this summer and the owner has Money left in the 529 plan.
Question 1: If the student-beneficiary received several academic scholarships, can the owner take that money out of his 529?
2. If he wants to remove the excess funds, how will he be taxed? Is he only taxed on the earnings portion and if so, at what rate? Also, is there a certain form that he has to use to report it and pay the taxes?
