{"id":101674,"date":"2023-11-04T19:24:58","date_gmt":"2023-11-04T19:24:58","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/"},"modified":"2023-11-04T19:24:58","modified_gmt":"2023-11-04T19:24:58","slug":"what-happens-to-unused-money-in-a-529","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/","title":{"rendered":"What happens to unused money in a 529?"},"content":{"rendered":"<p>When it comes to saving for college, many families consider opening a 529 plan. This tax-advantaged investment account allows them to set aside money for their loved ones&#8217; education expenses. However, life can be unpredictable, and sometimes plans change. What happens to the unused money in a 529 plan if the beneficiary doesn&#8217;t end up using all of it for college? Let&#8217;s delve into the various scenarios and options available for unused funds in a 529 plan.<\/p>\n<p>Unused money in a 529 plan doesn&#8217;t just disappear. There are several options for reallocating or repurposing the funds, ensuring that they don&#8217;t go to waste. Here are some common scenarios and what can be done with unused money in a 529 plan:<\/p>\n<p>1. <\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#Can_I_transfer_the_unused_funds_to_another_family_member\" title=\"Can I transfer the unused funds to another family member?\">Can I transfer the unused funds to another family member?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#Can_I_use_the_funds_for_my_own_education_or_professional_development\" title=\"Can I use the funds for my own education or professional development?\">Can I use the funds for my own education or professional development?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#What_if_the_original_beneficiary_receives_a_scholarship\" title=\"What if the original beneficiary receives a scholarship?\">What if the original beneficiary receives a scholarship?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#Can_I_keep_the_529_plan_open_and_use_the_funds_for_future_educational_expenses\" title=\"Can I keep the 529 plan open and use the funds for future educational expenses?\">Can I keep the 529 plan open and use the funds for future educational expenses?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#What_if_the_original_beneficiary_doesnt_attend_college\" title=\"What if the original beneficiary doesn&#8217;t attend college?\">What if the original beneficiary doesn&#8217;t attend college?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#Can_I_withdraw_the_funds_for_non-educational_purposes\" title=\"Can I withdraw the funds for non-educational purposes?\">Can I withdraw the funds for non-educational purposes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#What_if_the_beneficiary_decides_not_to_pursue_higher_education\" title=\"What if the beneficiary decides not to pursue higher education?\">What if the beneficiary decides not to pursue higher education?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#Can_I_roll_over_the_funds_into_a_different_type_of_college_savings_account\" title=\"Can I roll over the funds into a different type of college savings account?\">Can I roll over the funds into a different type of college savings account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#What_happens_to_the_funds_if_the_beneficiary_passes_away\" title=\"What happens to the funds if the beneficiary passes away?\">What happens to the funds if the beneficiary passes away?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#Can_I_donate_the_funds_to_charity\" title=\"Can I donate the funds to charity?\">Can I donate the funds to charity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#What_if_the_beneficiary_receives_a_tuition_waiver\" title=\"What if the beneficiary receives a tuition waiver?\">What if the beneficiary receives a tuition waiver?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#Can_I_use_the_funds_to_pay_for_K-12_expenses\" title=\"Can I use the funds to pay for K-12 expenses?\">Can I use the funds to pay for K-12 expenses?<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Can_I_transfer_the_unused_funds_to_another_family_member\"><\/span>Can I transfer the unused funds to another family member?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, you can change the beneficiary on a 529 plan to another family member, such as a sibling or a cousin, without any tax penalties.<\/p>\n<p>2. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_I_use_the_funds_for_my_own_education_or_professional_development\"><\/span>Can I use the funds for my own education or professional development?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, you can change the beneficiary on a 529 plan to yourself and use the funds for your own educational or professional development expenses.<\/p>\n<p>3. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_if_the_original_beneficiary_receives_a_scholarship\"><\/span>What if the original beneficiary receives a scholarship?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf the original beneficiary receives a scholarship, you can withdraw up to the amount of the scholarship without incurring a penalty, though you will still have to pay income tax on the earnings.<\/p>\n<p>4. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_I_keep_the_529_plan_open_and_use_the_funds_for_future_educational_expenses\"><\/span>Can I keep the 529 plan open and use the funds for future educational expenses?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, you can keep the 529 plan open indefinitely and use the funds for future educational expenses, such as graduate school or continuing education courses.<\/p>\n<p>5. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_if_the_original_beneficiary_doesnt_attend_college\"><\/span>What if the original beneficiary doesn&#8217;t attend college?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf the original beneficiary doesn&#8217;t attend college, you can change the beneficiary on the 529 plan to another family member or use the funds for your own education without penalty.<\/p>\n<p>6. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_I_withdraw_the_funds_for_non-educational_purposes\"><\/span>Can I withdraw the funds for non-educational purposes?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf you withdraw the funds for non-educational purposes, you will be subject to income tax on the earnings and a 10% penalty unless an exception applies.<\/p>\n<p>7. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_if_the_beneficiary_decides_not_to_pursue_higher_education\"><\/span>What if the beneficiary decides not to pursue higher education?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf the beneficiary decides not to pursue higher education, you can change the beneficiary on the 529 plan to another family member or yourself and use the funds for educational purposes without penalty.<\/p>\n<p>8. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_I_roll_over_the_funds_into_a_different_type_of_college_savings_account\"><\/span>Can I roll over the funds into a different type of college savings account?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYou can roll over the funds from a 529 plan into another type of college savings account, such as a Coverdell ESA, but you may be subject to certain restrictions and tax implications.<\/p>\n<p>9. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_happens_to_the_funds_if_the_beneficiary_passes_away\"><\/span>What happens to the funds if the beneficiary passes away?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf the beneficiary passes away, you can change the beneficiary on the 529 plan to another family member or yourself without penalty.<\/p>\n<p>10. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_I_donate_the_funds_to_charity\"><\/span>Can I donate the funds to charity?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYou can donate funds from a 529 plan to charity, but you may still be subject to income tax on the earnings and a penalty.<\/p>\n<p>11. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_if_the_beneficiary_receives_a_tuition_waiver\"><\/span>What if the beneficiary receives a tuition waiver?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf the beneficiary receives a tuition waiver, you can withdraw up to the amount of the waiver without penalty, though you will still have to pay income tax on the earnings.<\/p>\n<p>12. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_I_use_the_funds_to_pay_for_K-12_expenses\"><\/span>Can I use the funds to pay for K-12 expenses?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYou can use up to $10,000 per year from a 529 plan to pay for K-12 expenses without penalty, though state tax implications may still apply.<\/p>\n<p>In conclusion, unused money in a 529 plan offers flexibility and options for reallocating funds in various circumstances. Whether changing the beneficiary, using the funds for your own education, or repurposing them for future educational expenses, there are several avenues to ensure that the money saved in a 529 plan serves its intended purpose. It&#8217;s essential to understand the rules and regulations governing 529 plans to make informed decisions about the best course of action for unused funds.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to saving for college, many families consider opening a 529 plan. This tax-advantaged investment account allows them to set aside money for their loved ones&#8217; education expenses. However, life can be unpredictable, and sometimes plans change. What happens to the unused money in a 529 plan if the beneficiary doesn&#8217;t end up &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"What happens to unused money in a 529?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/what-happens-to-unused-money-in-a-529\/#more-101674\">Read more<span class=\"screen-reader-text\">What happens to unused money in a 529?<\/span><\/a><\/p>\n","protected":false},"author":13,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-101674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What happens to unused money in a 529?<\/title>\n<meta name=\"description\" content=\"When it comes to saving for college, many families consider opening a 529 plan. 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