529 Account
Location: Virginia, USA I received a check for tuition reimbursement and want to deposit it into a new savings account. The tuition came out of a 529 account where I am beneficiary and my father is guarantor. He says I need to sign it over to him directly so he can use it for school expenses but as I understand it the money was already spent on school expenses, this is now a separate reimbursement. I want to set it aside as a safety net but he believes that will cause trouble with taxes. I would rather pay the taxes if there is a penalty and still have some type of savings for emergencies that I can use as needed. I have no access to the 529 account, even though I am beneficiary, and no way to use it in case of an emergency. I have no other savings and see this as an opportunity to save for a rainy day. Will there be any legal trouble if this check is deposited into a personal account? Would there be a fine?
NOTE: my father is controlling and has threatened to cut off financial support in the past, I don't feel comfortable having no savings or access to the 529 account that is not only paying for tuition, but also my rent and groceries
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