Zero. The fresh new recipient must have a social Cover matter otherwise taxpayer identification amount, nevertheless elizabeth your self just like the beneficiary and change new beneficiary so you can you to definitely man later.
Can i open a good CollegeChoice 529 membership towards money from my personal children’s UGMA/UTMA? CollegeChoice 529 permits a custodian to have a under the Uniform Presents to Minors Act otherwise Consistent Transmits to help you Minors Act (UGMA/UTMA) to apply money previously stored in the an UGMA/UTMA account to open an account in the Package in order to loans most efforts so you’re able to including a merchant account, susceptible to the regulations of state below that UGMA/UTMA account is depending. For example a move away from loans is a nonexempt experiences and you may you really need to speak with a tax advisor ahead of animated UGMA/UTMA property so you’re able to an excellent 529 Package.
Must i rollover money from various other 529 plan to CollegeChoice 529? Yes. You could would a national taxation-free rollover from several other 529 bundle into your CollegeChoice 529 account for the same recipient immediately following every 12 months.