How do I withdraw money from ScholarShare?
How to Do It Online
- Login to your account online. ...
- Select type of withdrawal: ...
- Select where the funds will be sent: ...
- Select “Partial” or “Total” account balance withdrawal.
- If you have more than one investment portfolio select “Prorated amount” or “By specific portfolio”
- Enter the Withdrawal Amount(s).
Is ScholarShare 529 good?
ScholarShare 529 beats all others because of its low cost and low fees. Most plans out there (e.g. Rowe Price College Savings, New York's Direct Plan Account, and so on) eat away at your hard-earned savings through pesky fees. But ScholarShare 529 plan is a much more affordable option.
How do I access my 529 account?
Parents can withdraw 529 plan funds by completing a withdrawal request form online. Some plans also allow 529 plan account owners to download a withdrawal request form to be mailed in or make a withdrawal request by telephone.
How do I pay with 529 ScholarShare?
If you wish to make contributions to your ScholarShare 529 account from your paycheck, first ask your employer if direct deposit is available, then log in to your ScholarShare 529 account and follow the "Payroll Direct Deposit" instructions found by clicking the Profile & Documents link or submit the appropriate form ...
What happens to money in 529 if not used?
If you truly have no other use for your leftover 529 plan savings, you can always take a non-qualified distribution. Your contributions will never be taxed or penalized, since they were made with after-tax dollars. Any earnings on your investments, however, will be subject to income tax as well as a 10% penalty.
How much can a parent contribute to a 529 per year?
In either case, parents receive the same treatment as any other person making a contribution: each parent can give up to $15,000 annually to their child's 529 plan without having to file a gift tax return, for a total of $30,000 per year.
What are the pros and cons of a 529 savings account?
Pros and Cons of 529 Plans
| Advantages |
Disadvantages |
| Low maintenance |
Limitations on state tax benefits |
| High contribution limits |
No self-directed investments |
| Flexibility |
Fees |
| Favorable financial aid treatment |
Ownership rules |