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Question for the Money Doctors

Question submitted on Apr 4, 2014.

Question

I have set aside some large sums of funds in 529 accounts for my children, both of who have decided to not go to college. Is there any way to access these funds without paying any penalties?

Answer

You can change beneficiaries to you, your wife, other children, relatives such as niece and nephews. These are some alternatives to paying the penalty which sometimes is the only solution if you need the funds now.


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