On the other hand, if you funded the Sec. 529 account belongs to the account beneficiary and can be withdrawn only for a purpose that benefits the child, such as buying the beneficiary a car. In this situation, any money taken from the Sec. 529 account beneficiary (usually your child or grandchild). 529 account that was funded with money from a custodial account set up for the Sec. It’s important to understand that you’re not allowed to keep a withdrawal from a Sec. 529 plan account owner or plan participant.
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