We adopted our daughter when we were older. She receives regular (not ssi) SS payments as my dependant. We have been depositing her payments into a 529 college fund, owned by us with her as sole beneficiary. We report this every year on the form SSA sends.
Do we have to change the ownership of the account to her (or maybe joint with us) when she turns 18, (in 3 years) to avoid having to return the “conserved” funds to SSA, just so they can dole them back to her? Or is the fact that she is the sole beneficiary of the account sufficient? There no other siblings, or potential other beneficiaries.
Obviously, if we had to return the funds, that would defeat the purpose of the 529, since we would have to pay a penalty and tax, not to mention delay her starting college.
Do we have to change the ownership of the account to her (or maybe joint with us) when she turns 18, (in 3 years) to avoid having to return the “conserved” funds to SSA, just so they can dole them back to her? Or is the fact that she is the sole beneficiary of the account sufficient? There no other siblings, or potential other beneficiaries.
Obviously, if we had to return the funds, that would defeat the purpose of the 529, since we would have to pay a penalty and tax, not to mention delay her starting college.
Survivors Benefits: Daughter’s Ss Payments to 529 - Change Ownership when She is 18
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