What is a nonqualified or qualified withdrawal from a CollegeChoice 529 education savings plan?

Nonqualified Withdrawal

This is a withdrawal or distribution from a CollegeChoice 529 education savings plan that is
  • not a qualified withdrawal;
  • a withdrawal or distribution from an account that is closed within 12 months after the account is opened; or
  • a rollover distribution or transfer from the CollegeChoice 529 education savings plan to any other Code Sec. 529 plan.

Qualified Withdrawal

This is a withdrawal or distribution from a CollegeChoice 529 education savings plan account that is made
  • to pay for qualified higher education expenses;
  • because of the death or disability of an account beneficiary;
  • because an account beneficiary received a scholarship that paid all or part of their qualified higher education expenses; or
  • because of a transfer of funds by the plan from one third party custodian to another.

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