Hello,
My paperwork states that, if not rolled over into another 529 plan, the money may be subject to a federal income tax & a 10% IRS penalty. I'm wondering how I find out the percentage of the income tax and penalties from the IRS?
I am the student beneficiary, & the money would be deposited into my bank account by the GET account owner.
Thanks! I'm ready to answer more questions if need be! Terrible at this stuff.