529 Plan and College Savings

Question: Is is possible to roll over money from a taxed deferred 401K or pension into a 529 college savings plan?

Basically, I work entirely too much and I have quite a bit saved from 401k and or pensions. I want to go back to school and finish my degree. Is it possibel to use this money I’ve saved for finishing college without a penalty?

Answer: 401k money is meant for retirement, so unless you’re rolling into another retirement account (i.e. IRA), then you will get penalized. You might want to consider borrowing against your 401k, but there would be implications if you quit your job as most repayment for the loans from 401k accounts are automatically deducted from your paycheck.

Nonqualified Deferred Compensation Plans – NQDC – Skloff Financial Group

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