"scotton" <cotton17[at]insightbb.com> writes:

- quote -

Nothing would prevent you from contributing to it, however, you'd be
missing out on the deductibility of that contribution in the event
you live in a state that allows you to deduct 529 contributions from
state income tax returns.

--
Todd H.
http://toddh.net/

joetaxpayer <joetaxpayer[at]nospam.com> writes:

- quote -

I'd agree with that.

- quote -

However, keep in mind there's such a thing as a 529-UTMA. It's
a 529 opened under UTMA statutes. The minor is both owner and
beneficiary, and the beneficiary can't be changed (until the minor
is of age, at which point it turns into a regular 529 and the now
no-longer-minor can change the beneficiary as he sees fit).
We've opened one of these for our son, specifically to have a
place to put money that relatives/friends have given him to
be set aside for college.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

scotton wrote:
- quote -

Since the 529 beneficiary can be changed, taking money that belongs to
the minor already and putting it into the 529 isn't advised.
I believe the question comes up more often as "I have a UGMA/UTMA
account for my child, can I put it into his/her 529?" The answer tends
toward 'no'.
JOE

When our daughter was born I opened a 529 acct with me as the owner and she
was the beneficiary. After her baptism, we had lots of checks that all
went into her 529 acct. I don't think it would be a problem. If your
child's grandparents have already opened a 529 acct with them listed as
the owner I don't see why you couldn't contribute to it.
HTH

"Financial Planner" <amallin[at]gmail.com> writes:

- quote -

I don't know.

But, for what it's worth, when I (quite recently) opened a 529 plan
for my kid, I had to provide the SSN of the beneficiary. I believe
also to specify the beneficiary's relation to me as the account
holder.

I'm not sure how a withdrawal for the child's educational expenses
would occur in your scheme, but I don't know how the checks and
balance all occur to validate qualifying withdrawals from a 529.

But aren't 529 assets counted as the parent's anyway? Or have
financial aid formulas taking separate treatment of 529 money in the
financial aid formulas?

Best Regards,
--
Todd H.
http://www.toddh.net/

Can a parent give their parent (the child's grandparent) money to put
in a 529 plan? This seems like it would enable the money in the 529 to
not be considered the childs or the parent's for Financial Aid
eligibility purposes.