Ask the Expert: Changing 529 beneficiaries
Photo credit: iStock | For readers who don't know, the money earned in a 529 account is tax-free when used to pay the account beneficiary's qualified educational expenses, including tuition, fees, books, room and board, but not interest on student loans.
My son has three 529 college saving plan accounts that were started for him at birth by three family members. But he has autism, and I'm not sure he will be going to college. Are there any alternatives for use of that money if a child is unable to attend college due to a disability? Can we close the accounts and recoup the money that was invested? I'd hate to see it just be lost.
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