Ariz. Admin. Code § 2-13-205

Current through Register Vol. 30, No. 45, November 8, 2024

Section R2-13-205 - Withdrawals; Uses of Withdrawn Funds

A. An account owner may withdraw funds from an account at any time. The designated beneficiary of an account shall not have any authority to withdraw funds from an account unless the account is structured to give the designated beneficiary such right of withdrawal upon matriculation or upon incurring qualified higher education expenses as defined in A.R.S. § 15-1871(12) and § 529 of the Code.

B. Neither the Board nor the Treasurer are responsible for tracking how withdrawn funds are used. It is the responsibility of the account owner to ensure that withdrawn funds are used for qualified higher education expenses as defined in A.R.S. § 15-1871(12) and § 529 of the Code, and to substantiate any exemption from tax or penalty.

Ariz. Admin. Code § R2-13-205

Amended and renumbered from R2-13-205 by exempt rulemaking at 27 A.A.R. 1650, effective 9/28/2021.