Can you withdraw investment (money) from one 529 and put it directly into another 529 without a penalty?

Typically, withdrawls from a 529 acount not used for college spending of the beneficiary is subject to a 10% fee. But, I only want to combine my 2 accounts (for tax & simplicity purposes). Of course, the people that answer the phones at both locations do not have the knowledge to answer this properly. Thanks in advance!

I am not questioning the validity of the programs as both programs we are enrolled in are Vanguard...just want to make sure we can combine them without a penalty.

I think you can do it...

The Benefits: Investment Control
If the thought of turning over your hard earned money to the state makes you a little uneasy, rest assured that the state doesn't control your money. In fact, most states are signing on with well-known, successful investment companies such as TIAA-CREF, Vanguard and Fidelity. The number and types of investment options vary by state, and once you select your option you can't change it. You can, however, roll your money over into another state's plan if you're not happy with your chosen investment option. There is no penalty to roll the money over into another state's plan, and you can do it once every 12 months. Most states have no residence requirement for their 529 plans.

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