Open the new 529 account and submit the required transfer paperwork. If you decide to invest in static portfolios just be sure to review your account regularly and make any necessary changes as the beneficiary gets closer to college.
You can select more than one static portfolio to transfer your 529 plan funds in to by selecting a portion either a dollar amount or percentage to contribute to each investment option.
How to transfer 529 money to college. You can also use fidelity billpay. Upromise is a program that allows you to earn cash back to your 529 plan by simply shopping through their online portal dining out or signing up for their cash back credit card. My oldest grandson is about to start college in the fall and i d like to transfer some money from another grandchild s.
If the child you transferred the funds to doesn t use them you can always transfer the money to a 529 plan for yourself or another qualified beneficiary. The number is 800 544 1914. If you re taking money from one 529 plan and moving it into another it s best to have the current plan administrator complete the transaction for you.
If you withdraw money from a 529 then you need to spend the distributed money on qualified expenses that year says allec. Collegebacker also has a cash back shopping portal as well as an easy to use gifting page for family and friends to make a contribution to your child s college fund. One way to run afoul of 529 rules here is by withdrawing a full year s.
Very few plans if any will insist on sending you a check that you would then submit to the new plan. The old 529 plan should be able to directly transfer the account to the new plan known as a direct rollover. Use the form standing payment instructions 529 college savings plan pdf to set up payments to a third party.
You have the option of changing the designated beneficiary on an existing account or establishing a new 529 plan which will receive the transfer on behalf of your new beneficiary. I have multiple grandchildren each with a 529 college savings account. If you re not comfortable handling a check you can ask your new 529 plan administrator to initiate the a direct transfer of the funds on your behalf.
You can t however roll a 529 plan account into an ira or any other retirement plan. If you have extra funds in an individual 529 plan account that you don t want to transfer to another beneficiary you might name yourself as the beneficiary and use the funds for your own future education. Once your instructions are set up make a call to a college planning specialist to get the payment sent.