A parent has contributed to a $529$ Plan to fund her child's college education. The child gets into her preferred college and is granted a full scholarship. The parent does not need the funds in the $529$ account to pay for college anymore and wants to withdraw the money and use it as a down payment on a second home. Which statement is TRUE about this?

A The funds cannot be withdrawn from the account because they become the property of the new adult at legal age

B The funds can be withdrawn from the account, with any build$-$up subject to ordinary income tax plus a $10\%$ penalty tax

The funds can be withdrawn from the account, with any build$-$up subject to ordinary income tax only

The funds can be withdrawn from the account, with any build$-$up subject to a $10\%$ penalty tax only