No. The newest beneficiary need to have a personal Protection amount or taxpayer character matter, nevertheless e oneself due to the fact recipient and change this new beneficiary in order to you to son afterwards.
Should i open an effective CollegeChoice 529 membership into money from my personal children’s UGMA/UTMA? CollegeChoice 529 permits a custodian having a small in Uniform Gift ideas so you can Minors Operate or Consistent Transfers so you’re able to Minors Work (UGMA/UTMA) to utilize funds before kept inside the a keen UGMA/UTMA account to open up a merchant account about Package and also to finance even more efforts in order to like a merchant account, at the mercy of the fresh new laws of your state lower than that UGMA/UTMA account are built. Including a move from financing tends to be a taxable feel and you can you really need to consult with a tax mentor just before going UGMA/UTMA assets so you’re able to a good 529 Bundle.
Ought i rollover funds from other 529 intend to CollegeChoice 529? Sure. You’ll be able to would a federal taxation-free rollover of some other 529 package in the CollegeChoice 529 membership for similar beneficiary after most of the one year.
