My son has a college 5-29 account. He’s not going to be using it.?

What are the penalties of early withdrawl? When can he withdraw it, etc……

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A few days ago

caba

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You probably want to talk to a tax advisor regarding your question. But barring that, there is some information regarding 529’s at http://www.sec.gov/investor/pubs/intro529.htm

I also saw the following information at http://www.collegesavings.org/commonQuestions.aspx :

Q. What if my child doesn’t go to college?

A. You have several options available if the beneficiary decides not to go to college:

–Change the beneficiary to a member of the beneficiary’s family.

–Defer use of your savings and leave contributions invested in the account.

–Withdraw the assets in your account for a “non-qualified” distribution (a distribution that is not for qualified higher education expenses). Earnings (but not contribution amounts) would be subject to state and federal tax plus a 10% federal tax penalty on the earnings.

Good luck!