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Wrong forum for this obviously but I felt like posting anonymously.
I have moderately funded 529 education accounts for my kids. Looks like we won't need to use a lot of that money because the kids have earned substantial (read: full) merit scholarships. I know that if I withdraw those funds for non-educational expenses, the earnings become taxable and there's an additional percentage penalty. I also know that all those funds can easily be transferred to whichever family member I wish.
Question: Can I use that money for additional flight training (e.g. multi ratings, advanced instructor ratings) for myself? Part 141 flight school? Anything?
Anyone know? Not the worst problem in the world to have I know, but I was wondering.
I have moderately funded 529 education accounts for my kids. Looks like we won't need to use a lot of that money because the kids have earned substantial (read: full) merit scholarships. I know that if I withdraw those funds for non-educational expenses, the earnings become taxable and there's an additional percentage penalty. I also know that all those funds can easily be transferred to whichever family member I wish.
Question: Can I use that money for additional flight training (e.g. multi ratings, advanced instructor ratings) for myself? Part 141 flight school? Anything?
Anyone know? Not the worst problem in the world to have I know, but I was wondering.