How do I change the beneficiary on my 529 plan?
An example of an AI chatbot conversation about changing the beneficiary of a 529 plan.
How do I change the beneficiary on my 529 plan?
To change the beneficiary on your 529 plan, you'll need to contact your plan administrator. They will provide you with the necessary forms.
Are there any tax implications I should be aware of?
Yes, changing the beneficiary may have tax implications. If the new beneficiary is a qualified family member, it typically won't incur taxes.
What if the new beneficiary is not a family member?
If the new beneficiary is not a family member, you may face tax consequences and potential penalties. It's best to consult a tax advisor.
Can I change the beneficiary multiple times?
Yes, you can change the beneficiary multiple times, but be mindful of the tax implications and any fees your plan may have.
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