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Meb001 Fundsatwork Umbrella Funds Withdrawal Form PDF

Meb001 Fundsatwork Umbrella Funds Withdrawal Form PDF

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[Music] you've been saving for years now your student is ready for college and you're ready to make your first withdrawal from your 529 account with the education plan the process is easy but there are a few rules for a 529 withdrawal you should know about before you get started you can withdraw savings tax-free from your 529 account to cover qualified expenses of the beneficiary these include tuition and fees room and board books and more you can withdraw as much money as you want from your 529 account but only withdrawals that are used for qualified expenses will be tax-free anything else can incur a tax penalty so it's important to understand what is considered a qualified expense the first step you should take before making a withdrawal is to calculate your total qualified expenses add up costs for tuition books room and board supplies and all other qualified expenses you'll then need to subtract any tax-free scholarship money the student received as well as any federal tax credits

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