Hi, I have been lucky that my parents have saved enough money to pay for my tuition for my undergraduate education. However, I have a couple of questions regarding on what happens after schooling if the money were to be transferred to me. I would have attended a University of California school, but instead, I chose a lesser expensive, regional university, which means that there will be quite a bit of money left over in the account. Since my parents saved tuition for both my sister and I, I wanted to know how I would be taxed if the 529 plan were to be transferred into my name, or if my parents would take the money out and then help me start out and get a leg up on life.
Sorry if I sound pretentious, but I am trying to prepare and see what will happen in the future with my finances after college.
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