FAQ: Are there terms to withdrawing EdVest money?
Yes there are some terms and provisions when withdrawing money from an EdVest account. For instance for WI resident accounts if the money is used for qualified college expenses the withdrawl is WI state income tax-free. However out of state residents may be subject to state income taxes.
On the issue of non-educational withdrawals the account owner is able to withdraw money for non-qualified purposes, but the earnings portion of this money will be subject to federal and state taxes plus a 10% additional federal tax.
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