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Old 10-05-2014, 05:20 PM
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529 Plan Question

I inherited a 529 plan that was funded between 2000-2003 or so, total $67,000 (with interest presumably). I took it out via a non qualified withdrawal in 2006, after my grandparent died.

I'm trying to redo a tax filing to figure out what I owe. I am assuming that a lot, most or all of that money was considered a tax free gift since it was put in the 529 yearly, in increments. For example, i'm guessing there was a $12,000/yr gift tax allowance that would apply, and I don't know if your allowed a few years combined up front for 529's.

What exactly do I owe, does anyone know how I'd figure this out?

I am guessing I have to pay a 10% fee on non qualified withdrawal but what do I owe since I basically took possession of the money upon death?

Thank you.



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