Unused 529 Plan - What to do with it?

In this video, Ara Oghoorian, CFP® explains what to do when you have leftover money sitting in a 529 college savings plan and how to actually use it wisely.

College is expensive, and 529 plans are a great way to save while getting some tax advantages. But what if your kid got a scholarship, stayed local, or didn't use the money at all? Now you have extra funds in the account - what can you do with that money?

We cover everything from changing the beneficiary to rolling the money into a Roth IRA, plus a few other things most people don’t even know they can do with unused 529 funds.

Stick around, learn what makes the most sense for your situation, and as always, like, subscribe, and check the links for more resources.

0:00 Intro
0:45 What is 529 plan
1:10 What to do with 529 plan leftover
3:15 Transfer unused 529 plan to Roth IRA
6:26 What happens to a 529 plan if you die?
7:23 Withdrawing funds from a 529 plan: taxes and penalties
8:15 Using 529 plan to study abroad
8:28 Using 529 plan for study supplements
8:52 What happens to unused 529 plan if you get a full scholarship
9:25 Using 529 plan on transportation or for a car
9:42 Income limits to qualify to open up a 529 plan
9:57 Does 529 plan count towards financial aid eligibility?
10:14 Closing thoughts

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Financial Advisor in Los Angeles, CA
CPA in Los Angeles, CA

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DISCLAIMER: This video is for informational purposes only and should not be construed as tax, financial, or legal advice. Every person’s situation is different, and you should consult with your own financial and tax advisor for advice specific to your situation. Comments are not reviewed.