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People also ask
Can my child benefit from more than one 529 plan account?
Can my child benefit from more than one 529 account? The short answer is yes 鈥?the same child can be the beneficiary of multiple 529 plan accounts. If several people 鈥?parents and two sets of grandparents, for instance 鈥?want to help fund a child’s education, they can either contribute to a single 529 account or set up separate plan accounts.
Can a grandparent be the owner of a 529 plan?
An account owner can be anybody in relation to the 鈥渂eneficiary鈥?(i.e., the future grad) 鈥?a parent, grandparent, uncle, friend, or complete stranger. If the future grad is old enough to legally enter into a contractual agreement (i.e., 18 or older), then they can even be the account owner! Can grandparents give to a parent-owned 529 plan?
What does it mean to have a 529 account?
It refers to account in a 529 plan funded with money already owned by your minor child.
Can I transfer money from a 529 plan to a minor?
2 Answers 2. Yes, you can. You’re thinking of a custodial 529, or a 529 plan under the Uniform Gifts to Minors Act and the Uniform Transfers to Minors Act. It refers to account in a 529 plan funded with money already owned by your minor child.