529 plan questions/resources
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i have 529 plan questions. iām in CA, so no tax deduction for contribution.
how much impact will having a 529 account to financial aid if the accounts are in parents names.
what happens to withdrawls and penalties if we just withdrew for non-educational purpose?
can you specify how withdrawls occur? if i depoist $10K and it grows to $11K, can i tell them $10K withdrawl was principal only?situation is grandparents want to contribute to grandkids. SIL is going through divorce. kids may end up with BIL. they want to know what options they have for withdrawing the 529. if they only take their principal, no penalties?
not looking for advice on the SIL/BIL situation.
tia
m
