Can I cancel my Florida 529 Savings Plan or withdraw my funds early?

Yes. You may cancel your Florida 529 Savings Plan and withdraw funds at any time and for any reason. Please keep in mind, any earnings that are not used for Qualified Higher Education Expenses are subject to federal and, if applicable, state income taxes. In addition, there is a 10% federal tax penalty on the earnings not used for Qualified Higher Education Expenses with certain exceptions for death, disability and scholarships.

For specific information about your tax situation, please consult an investment adviser or certified public accountant.