How do I make a withdrawal from my InvestEd account?
An account owner may withdraw money from an InvestEd account on completing the appropriate forms. Withdrawals will be classified as either qualified or non-qualified. A qualified withdrawal is a withdrawal used for “qualified higher education expenses,” which may include tuition, fees, books, supplies and equipment required for the enrollment or attendance of a designated beneficiary at an eligible educational institution. The term also includes qualified room and board expenses for students who attend an eligible educational institution at least half time. A non-qualified withdrawal is a withdrawal you don’t use for qualified higher education expenses. Non-qualified withdrawals are generally subject to income taxes on the earnings portion of the withdrawal and an additional federal tax penalty of 10 percent of the earnings. You may also make penalty-free withdrawals if the beneficiary receives a scholarship, dies or becomes permanently disabled, although there would be a tax on the ea
An account owner may withdraw money from an InvestEd account by completing the appropriate forms. Withdrawals will be classified as either qualified or non-qualified. A qualified withdrawal is a withdrawal used for “qualified higher education expenses,” which may include tuition, fees, books, supplies and equipment required for the enrollment or attendance of a designated beneficiary at an eligible educational institution. The term also includes qualified room and board expenses for students who attend an eligible educational institution at least half time. A non-qualified withdrawal is a withdrawal you don’t use for qualified higher education expenses. Non-qualified withdrawals are generally subject to income taxes on the earnings portion of the withdrawal and an additional federal tax penalty of 10 percent of the earnings. You may also make penalty-free withdrawals if the beneficiary receives a scholarship, dies or becomes permanently disabled, although there would be a tax on the ea
