Level 15
08-06-2020
02:43 PM
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You need to have beneficiary. This is from pub 970 "Designated beneficiary. The designated beneficiary is generally the student (or future student) for whom the QTPis intended to provide benefits. The designated beneficiary can be changed after participation in the QTP begins. If a state or local government or certain tax-exempt organizations purchase an interest in a QTP as part of a
scholarship program, the designated beneficiary is the person who receives the interest as a scholarship". Here is the link for pub 970: https://www.irs.gov/pub/irs-pdf/p970.pdf