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How to Withdraw Money From a 529 College Savings PlanWithdraw Funds Only for Qualified Expenses. You can use funds from a 529 account for a wide range of education-related expenses. …Decide Where You’d Like the Funds to Go. …Remember That Using a 529 Account Can Disqualify You for Tax Credits. …Make Withdrawals Strategically to Minimize Borrowing. …Spend or Save Leftover Funds. …

When comparing 529 savings plans, you want to make sure you look at a few important measurements:What types of fees does the plan charge? Is there an annual fee? …What are the total expenses of the plan? Total expenses are the percentage fee charged on assets by the plan every year. …What investment options are available? …How responsive is the plan? …

Though a 529 plan isn’t your only choice when it comes to saving for college, it’s a smart one to consider. The major drawback associated with 529s is that funds withdrawn for noneducational purposes are subject to a 10% penalty, but that applies to the gains portion of your account only, and not the principal amount you contribute.

What is the Maryland 529 plan? A 529 plan is a tax-advantaged education savings plan designed to encourage families to save for future higher education expenses. The Maryland 529 college savings plans are the only 529 plans that offer a Maryland State income deduction each year for your payments or contributions to the plans.