When can you withdraw money from a custodial account?
As the custodian, you can withdraw money from a custodial account if you need to use it to pay for something that will benefit the minor. You can’t take the money back yourself, or give it to someone else. Some examples of eligible expenses include college or high school tuition, extracurricular activities, sports or music classes, etc.
Please note that this differs from 529 and Coverdell plans. With 529 plans, you can only withdraw for eligible higher education expenses. In the case of Coverdell plans, withdrawals can only be made for the purposes of K-12 and higher education expenses.
If you are the beneficiary of the custodial account, you can withdraw funds once you legally become an adult.
Need to use some custodial money for a young person? Contact Support and they’ll help you get started with a withdrawal.
The adult (or Custodian) who opens the account can manage the money and investments until the minor reaches the “age of majority.” That age is usually 18 or 21, depending on the Custodian’s state. The money in a custodial account is the property of the minor. Money in a custodial account can be used by the parent or legal guardian, but only to do things that benefit the child.
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