Withdrawing 529 Plan Funds for Non-Educational Purposes
Opening a 529 education fund is a smart financial move for families, especially with the rising cost of college. Besides college expenses, the money also can be used to pay for K–12 tuition at public and private schools in many states, including North Carolina.
Many parents choose 529 accounts because the earnings grow tax-free if it’s used for qualified education expenses. Opening an account when children are young can accumulate thousands of dollars in interest and money saved on taxes.