Rule 23-103-4.11 - 529 PlanA. This is a state-sponsored investment program in which parents may fund accounts to pay for a child's college education.B. Parents are owners and the account is considered a resource. 1. Withdrawal for reasons other than to pay for qualified college education is subject to income tax and an additional 10% penalty.2. Account statements may be used to verify ownership and value of a 529 Plan..23 Miss. Code. R. 103-4.11
Social Security Act §1902 (r) (2); 42 CFR §435.601(b) (Rev 1994).