Will it be possible to have 529 plan & use it for myself while doing the Grad Program?
My intention is to use the fund for the second or third year of graduation.
Yes, you can use a 529 plan for grad school. And yes you can use it for your education. But make sure the school you want to attend is an eligible institution, check with the US Department of Education
There are a few things to keep in mind.
Most 529 accounts exist for a decade or more before the student uses it. If you plan on using the funds in the next 2 or 3 years you should be looking at safe investments.
The benefit that you will be interested in is the savings on your state taxes. The money you put in this year will save you money on your state taxes. Of course if your state doesn't have state income taxes or doesn't give you a deductions for these contributions a major benefit is lost.
Check to see how much you can contribute and deduct. Your state may allow you to carry forward excess contributions.
If you plan on making a contribution and then immediately sending it to the school make sure your plan allows this. Your state may have a minimum amount of time before the initial withdrawal.
Yes, you can use a 529 plan on yourself if you are using it for qualified educational expenses, such as tuition.