I ACCIDENTALLY PUT $10K INSTEAD OF $1K INTO MY DAUGHTER’S 529 ACCOUNT — CAN I TAKE OUT $9K NOW WITHOUT A PENALTY?
https://media.zenfs.com/en/moneywise_327/6246cede411dc6af795f076a2ac28045
✍️ A woman accidentally contributes $10,000 to her daughter's 529 college savings plan instead of $1,000, and explores options to fix the mistake.
👉 Accidental overcontribution to a 529 college savings plan can happen 👉 Consequences include tax penalties and an overdrafted account 👉 Options for fixing the mistake include checking with the bank, asking the 529 administrator to cancel the transaction, turning off overdraft protection, and considering leaving the excess funds in the account
-- #Becky #JeffBezos #DaveRamsey #finance
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