Outgoing 529 rollovers

Rollover

One of the following:

• The new trustee’s transfer form signed by the account owner.
  A signature guarantee is required if the:

  • Request is for more than $250,000

  • New account is not for the same account owner and beneficiary
     
• A CollegeAmerica Distribution Request (PDF) with a signature guarantee from the account owner.
  
  

Note: Only one rollover is allowed per calendar year.

To avoid tax consequences, the funds must be reinvested within 60 days of the distribution.

Rollover

One of the following:

• A Virginia529 Move Funds Request, which is available by calling (888) 567-0540, with the account owner's signature
  
  
• A CollegeAmerica Distribution Request (PDF)
   

Note: Only one rollover is allowed per calendar year.

To avoid tax consequences, the funds must be reinvested within 60 days of the distribution.

Exchange (strategy change)

Moving money to an Invest529 or CollegeWealth account with the same account owner and beneficiary is considered to be a strategy change.

Note: Only 2 strategy changes are allowed per calendar year. Exchanges in excess of 2 per calendar year will be treated as nonqualified distributions, which will be subject to a 10% federal tax penalty in addition to federal and, if applicable, state income tax. States take different approaches to the income tax treatment of distributions. Consult a tax advisor regarding your situation.