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WITHDRAWAL OF FUNDS - TN Stars 529 Program

WITHDRAWAL OF FUNDS - TN Stars 529 Program 2025

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The document outlines the procedure for requesting a withdrawal from a TIPS account managed by Tennessee Investments Preparing Scholars. It specifies that beneficiaries will not receive matching grants during the withdrawal period and requires submission of receipts or invoices for qualified education expenses. The document includes contact information, instructions for completing the withdrawal form, and details on how to submit it.

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How do I withdraw money from my 529 plan?

Withdrawing 529 Funds For Non-Educational Expenses Making withdrawals for any other purpose is really a last resort. If you absolutely need to make a non-qualified withdrawal for some reason, your earnings portion of that distribution will be subject to income tax, plus a 10 percent tax penalty.

Can you withdraw from 529 if child doesnt go to college?

Thanks to a recent legislative update and the new 529 grandparent loophole, grandparents who own a 529 account can make significant contributions to their grandchilds education savings without necessarily affecting the grandchilds eligibility for federal student aid.

What is the 529 loophole?

Make a 529 withdrawal for non-education expenses. The money comes out prorated between contribution money and earnings, which means that only the earnings portion of the withdrawal is taxed. The earnings amount is added to ordinary income tax, and the earnings portion will generate a 10% penalty, Meilahn says.

What happens if you have a 529 and your child doesnt go to college?

If the beneficiary of a 529 account doesnt go to college, you canchange the beneficiary or take a non-qualified withdrawal. If you take a non-qualified withdrawal, you will incur income tax as well as a 10% penalty tax on the earnings portionof the account.

Can I roll my 529 into a Roth IRA?

529 Savings Can Ease the Burden Students may live on or off-campus; however, if your student decides to live off-campus (and a surprising 87% do!), your withdrawal from a 529 plan is limited to what you would pay for your student to live on campus.

Can I take money out of my 529 not for college?

If you just want the money back, you can withdraw the funds at any time. If funds are withdrawn for a purpose other than qualified higher education expenses, the earnings portion of the withdrawal is subject to federal and state taxes plus a 10% additional federal tax on earnings (known as the Additional Tax).

WITHDRAWAL OF FUNDS - TN Stars 529 Program 2025

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