<p>We have monies earmarked for college tuition in mutual funds. Should these funds be moved to an existing 529? D is a HS Jr. We will not qualify for fin aid.</p>
<p>Seems like a good idea even if you don’t qualify for financial aid. The 529 savings will grow tax-free as long as you spend the distributions only on educational expenses, so you’ll end up with more money that way. You can always change beneficiaries if you end up with too much for one kid. But if the earmarked money is in the kid’s name, you can’t combine it with your current 529. However, you can open up a new one with a separate account owner. (We did this.) If you are the owner of both, then you can just add the money in, up to the 529 contribution limits.</p>