You may transfer your Florida 529 Savings Plan to another eligible student (including yourself). Starting January 2024, you may also choose to transfer (roll over) remaining 529 Savings Plan funds to a beneficiary’s Roth IRA (Individual Retirement Account). The lifetime maximum a parent can transfer is $35,000 per beneficiary, and the account must have been open for 15 years (with rollover funds in the account for at least 5 years). Any rollover is also subject to current Roth IRA contribution limits.
Alternatively, you may close the plan and withdraw the remaining balance. 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 (to the extent of the amount of the scholarship).
For specific information about your tax situation, please consult an investment adviser or certified public accountant.