I posted this on the paying for college board. I am hoping someone can help. I called the IRS to ask if the funds that I have in my children's utma accounts can be used to purchase 529 college plans. The IRS assistant kept saying that I could not "rollover" the utma. I asked if I could redeem shares of the utma, pay all associated taxes and then purchase 529 plan. He was confused, I was confused and then he said, "I don't think you can do this". Any thoughts? A poster on the paying for college board stated that the 529 plan for Colorado had a specific place on the application form for using utma accounts for payment. Thanks! Should I just give up and seek legal advice?
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