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Advantages of the 529 Savings Plan

What if I fund a 529 for my child and he ends up not going to college?


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You  can change the beneficiary to another family member. You can even use it to go  to college or graduate school yourself, or you can pass it along to a  grandchild, in which case the transfer is treated for tax purposes as a gift  from the first beneficiary to the second. Saving the account for someone in the  family who will appreciate it makes the most sense, because any withdrawals  that aren't used for college expenses will incur taxes and penalties.

 
Posted 2009-05-23T00:00:00Z
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