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Before you open a grandparent 529 account...
by Kathryn Flynn
A 529 college savings plan can be a very effective way for grandparents to build a college fund for their grandchildren. However, there are a few questions grandparents must ask themselves before opening a 529 account.
- 09/16: Minnesota College Savings Plan renews contract with TIAA-CREF Tuition Financing Inc.
- 09/04: NorthStar Financial Services Group to take over Texas 529 plans
- 09/03: Oklahoma College Savings Plan reduces management fees
- 09/03: Vanguard 529 College Savings Plan lowers fees
- 08/15: Minnesota College Savings Plan reduces program management fee
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A few questions about rollovers
I did a rollover at the end of last year from a Coverdell to a 529 (it went from my Vanguard Coverdell account directly into my 529 plan. I never received the money). I have a couple of questions: 1) I received a 1099-Q. Does this transaction need to be reported anywhere on my taxes? 2) I believe I read that you can only do one rollover in a 12 month period. Is that from the date of the distribution?... Discuss