You should take 529 plan distributions during the same calendar year that you pay for the qualified expenses. The Biggest 529 Withdrawal Mistake To Avoid. Money withdrawn from the 529 plan account can be used for a wide range of qualified higher education expenses, such as room and board, tuition, books, and computer equipment. Although the funds generally aren’t available to cover a health insurance premium, most other medical. Consider a 529 withdrawal for a short-term emergency. Step 1: Calculate how much you are spending on qualified education expenses. Select Make a Withdrawal from the options on the right. They are not tax deductible on the federal level. Beginning with the 2024-2025 FAFSA, withdrawals from grandparent owned 529 plans will no longer need to be reported on the FAFSA or negatively affect the student’s. But if you’re saving for college, you’ll want to know that 529 savings plans offer other tax benefits, such as tax-free earnings growth and tax-free withdrawals for qualified expenses. Since 529 plan contributions are made with after-tax dollars, the basis portion of a 529 plan distribution will never be taxed or subject to penalty. These include the death or disability of the beneficiary and the decision by the beneficiary to attend a U. A qualified distribution is a withdrawal from a qualified retirement plan, such as a 401 (k), that is tax- and penalty-free. Or you can mail us a a completed Withdrawal Request Form. You can estimate the approximate cost by logging in to myCalPERS to get an estimate. Non-qualified withdrawals may also be subject to an additional 2. For instance, withdrawals from 529 plans were 100% free of federal taxes if they were used to cover qualified education expenses such as tuition and fees, or room and board. No. Contributions may trigger gift tax consequences if you earmark more. Contribute online at myfloridaprepaid. $490. • For withdrawals made payable to the account owner, the 1099-Q is sent to the account owner. Please note that refunds from K-12 schools are NOT eligible for recontribution. 03 as of 11/15/2023 (updated daily) Fund Assets (millions) $83,438. If you take money from a Roth IRA before age 59 1/2 and it’s considered a non-qualified distribution, the IRS can apply a 10% early withdrawal penalty. minimum contribution. If under. Educational institutions can offer pre-paid tuition programs, but not 529. If you convert a traditional IRA or 401 (k) to a Roth IRA, you'll need to hold the Roth IRA for at least five years before making withdrawals to avoid the 10% early withdrawal penalty. You'll get a 1099-Q from the 529 provider early next year. “The Secure Act,” Mr. If you don't see the form you want, view all forms here. Price at NAV $49. An individual has up to three years to pay the taxes on the early withdrawal or to redeposit the money back into their retirement account (versus the standard repayment requirement of 60 days). You can estimate the approximate cost by logging in to myCalPERS to get an estimate. After that, follow the prompts to make. However, you can use money in a 529 savings plan to pay for certain student loan expenses for the beneficiary and each of their siblings (up to $10,000 lifetime maximum). Most Popular Forms All Forms. All states offer 529 plans (except for Wyoming), and there are two types: Savings plans (savings are. , December 31—to maximize any state tax breaks associated with those contributions. If the. 5 / 5. College savings plans – These work a lot like a Roth 401 (k. Call with any questions and we’ll be happy to assist (toll-free at 866. But, your state might tax-advantage 529 contributions. As long as you redeposit the money into the same retirement account or another. Start the process by logging into your account. Earnings on your contributions grow tax free and withdrawals are not taxed if used for qualified educational expenses. Normally, any withdrawals from a 401 (k), IRA or another retirement plan have to be approved by the plan sponsor, and they carry a hefty 10% penalty. That includes tuition, fees, books, supplies, and. While there are many 529 college savings plans available both in Indiana and nation-wide, only contributions made to this specific CollegeChoice 529 Savings Plans are. A 529 plan offers tax-free earnings and tax-free withdrawals as long as the money is used to pay for qualified education expenses. She can withdraw funds from a 529 plan at any time for any reason, but the earnings portion (not principal contributions) of a non-qualified distribution is subject to ordinary income. Look into penalty-free non-qualified withdrawal options. Listen (2 min)Point No. Instead of investing your money and risking a potential loss, you can use a pre-paid tuition program to pay for in-state tuition ahead of time, thus locking in a lower rate. Now 529 funds are a bit different. Also, if you access any gains, you are subject to potential fees and taxes. The quickest and easiest way is online. If you're able to redeposit the money or roll it into a new account during the 60-day safety window, you'll need to replace. Be aware of the basic 529 withdrawal penalties when you. but you shouldn’t have to incur a non-qualified withdrawal if you are quick and redeposit the funds within 60 days of the refund. Historically, withdrawals from grandparent owned 529 plans have been considered untaxed income to the student and added to the student’s adjusted gross income on the FAFSA. Exceptions to 529 withdrawal penalties. Investment objectives, risks, charges, expenses, and other important information are included in the Plan Description. However, if you contribute more money on behalf of the same child. If you put $1000 in an index fund and wait a year, you could end up with (say) $1050, and that extra $50 is non-taxed. The day you’ve been waiting for has finally arrived: You’re ready to use the money from your 529 college savings plan. The expense ratios for the Vanguard Plan are among the lowest in the industry. CollegeAmerica® 529 Plans. If you do not have enough qualified expenses, then yes, you need to redeposit the 529 money. Basically, you put after-tax money into it, then it grows tax-free, and if spent on legitimate college (or med school) expenses, it comes out of the account tax-free. See moreAs mentioned above, if you take a distribution from a 529 plan and use some or all of it to cover non-qualified expenses, you will. When. Yes. Withdrawals from a 529 plan account can be taken at any time, for any reason. ↩. You can't just withdraw original contributions. But you will pay a 10% penalty plus income tax on any of the earnings your fund had over the years. If you had a withdrawal from your Virginia529 account (s) during 2022, a Form 1099-Q was issued for tax purposes. How to Pay. You must make 529 plan distributions during the same tax year that you incur the qualified higher education expenses. 25% tax. ET Monday-Friday at 1-800-AFFORD-IT (1-800-233-6734). 1. But, technically, the money must be put back within 60 days of the "refund". Under the updated tax code, parents can withdraw up to $10,000 per year to pay for tuition, books, and other eligible expenses at private elementary and high schools. Verify the linked cash security is populated in the cash security name field. CSF’s members include investment managers, broker-dealers, governmental bodies, law firms, accounting and consulting firms, and non-profit agencies that participate in the sponsorship or administration of 529 college savings plans. Can I open a Colorado 529 plan today, put $10K in it, with a short-term investment portfolio (I could even go 100% Money Market) and: get the CO tax deduction on 2020 taxes from contributing to a 529 in 2020 (I think yes) withdraw $5K in February 2021 to pay the Spring tuition (definitely yes)Here are seven ways to put a 529 plan to use: 1. If contributions or any additional funds gifted toward a 529 plan exceed $17,000 ($34,000 for couples), which is the current IRS annual gift tax exclusion, the surplus would be subject to the federal gift tax. Room & board costs are considered qualified only during. Know which expenses qualify. They can go directly to you. Forms that do not link to an online application are currently not available digitally. 50%. So, if you wanted to roll over the entire $35,000 lifetime limit amount, you. Year after year, you and your child have been saving for college through a 529 savings account. When you pay qualified education expenses from a 529 account, your withdrawals are tax- and penalty-free. You can take a nonqualified withdrawal. An account owner may initiate a tax-free distribution on behalf of the beneficiary for “qualified” college or graduate school expenses (in most states). ↩. Your kids will have tens of thousands of options when the time comes: traditional four-year colleges, community colleges, trade and specialty schools, certificate programs, apprenticeships, graduate and professional. The system will then navigate you through the process. Military service – If you are called up for military service, or join. A 529 plan is an investment account that offers tax benefits when used to pay for qualified education expenses for a designated beneficiary. Non-qualified withdrawals will incur a 10 percent penalty on the earnings portion of that non-qualified withdrawal and should be reported as income by the 1099-Q. You must redeposit the refund from your Beneficiary’s Eligible Institution into an NC 529 Plan Account for the same BeneficiaryTax-Free 529 Withdrawals — No income tax is paid on the growth of your account when withdrawals are used for 529 qualified expenses. Use this form to request a full or partial qualified withdrawal, non-qualified withdrawal or indirect rollover from your Edvest 529 College Savings Plan account. For more information, see Publication OR-17. Topic No. For 529 plans, there is an “owner” (usually the parent), and a “beneficiary” (usually the student dependent). 84-119 Month CD (7 to 10 years) 1. In this case, the $17,000 gift maximum (2023) per. Fact #5: Withdrawals Not Used for Education Can Be Hit with a Penalty. In general, this includes costs of attending an eligible college or university. • Use this form to request a full or partial Qualified Withdrawal, Non-Qualified Withdrawal or Indirect Rollover from your Oklahoma 529 Account. Our Family of ETFs. 1 Oklahoma taxpayers can reduce their state taxable income up to $20,000 if married filing jointly ($10,000 filing single), from contributions made into Oklahoma 529. Instead of investing your money and risking a potential loss, you can use a pre-paid tuition program to pay for in-state tuition ahead of time, thus locking in a lower rate. If you redeposit the money within the 60-day window, then you don’t have to worry about taxes. Qualified Tuition Plans (QTP 529 Plans) Distributions. Ashbridge Strategy. Yes. Regarding this,can i reverse a 529 withdrawal?. Log in and request a withdrawal online. 5% California tax on earnings. Tomorrow’s Scholar Withdrawal Request Form. The cost of certain apprenticeship program. You can roll over funds beginning January 1, 2024. 1. That includes tuition, fees, books, supplies, and. Contributions made to the 529 plan in the last five years before distributions start—including the associated earnings—are ineligible for a tax-free rollover. ; Contribution Summary — as a courtesy Bright Start provides an annual Contribution Summary. If you use a 529 plan to save for college, your savings will have a minimal impact on. But if you withdraw the 529 plan funds first,. Helpful. For more information about Wisconsin's Edvest 529 College Savings Plan, call 1-888-338-3789 or click here for a Plan Description which includes investment objectives, risks. Withdrawals, called distributions, are not subject to federal income tax if the plan owner takes. Changes to Grandparent 529 Plan Rules. Hi, I've saved up some funds in my 529 plan, and my child attends a private grade school. Taking too much money. Cost of Redeposit. 529 plan account owners can. For 2023, the tax-free contribution limit for each individual is $17,000 per beneficiary. Traditional vs. Tax season is officially underway, and individuals are preparing their financial records to get tax returns ready. An HSA is a health savings account. Still, in the. But if you withdraw the 529 plan funds first, before. The catch with an HSA is that you can’t open this account unless you have a high deductible health plan. We suggest you keep receipts and records to substantiate your qualified expenses in case of an audit by the IRS. But, technically, the money must be put back within 60 days of the "refund". original Withdrawal was taken; 4) the portion of the refund you wish to redeposit must be a refund of Qualified Higher Education Expenses only; and 5) your redeposit amount cannot exceed the amount of the original Withdrawal from your Account. If you use a 529 plan to save for college, your savings will have a minimal impact on. As explained earlier, the earnings included in 529 account withdrawals that are not used to cover the account beneficiary’s qualified education expenses must be included in gross income. 4. 1. m. - All scholarships, grants and 529 funds are claimed as taxable income *initially* in the tax year they are received. Check with a local accountant to see how this may impact your state tax return. If the beneficiary withdraws from the account later for qualified educational expenses then those. These items must be used by the plan beneficiary while enrolled in college. Funds may be used at virtually any college or university in the United States, and many abroad. QEEs include tuition. College savings plans – These work a lot like a Roth 401 (k. For the 2023 tax year, the gift tax exclusion is $17,000 per recipient. It is probably too late to fix this now. Every state and the District of Columbia, and even some educational institutions sponsor a 529 plan. You can also write “529 recontribution of 2020 refund” on the check memo line. You can also deduct the contribution portion (but not earnings) of. 529 contributions are tax deductible on the state level in some states. If not, the withdrawal may be taxable, and you could experience a tax penalty. If you're a New York State taxpayer, you can also benefit from the state tax deduction. By . Using 529 Plan Withdrawals for Private Education. You may be able to avoid a penalty if your withdrawal is for: First-time home purchase. 5% state income tax penalty on those earnings. if you take a $10,000 distribution from a retirement account and have the 20% withheld for taxes you must redeposit $10,000 within 60 days even though you only received $8,000 in cash. Select Make a Withdrawal from the options on the right. 2 If the funds aren’t used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Mandatory withdrawals. You can call your plan administrator, make a request online, or submit a withdrawal request form. a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. These items must be used by the plan beneficiary while enrolled in college. SECTION 1 | Account Information Account Owner Name Account Number(s) Phone Number Email Address 529 plan deposits are made with after-tax money, so only the earnings portion of non-qualified withdrawals are subject to tax. The beneficiary you have named on your account (the student you are saving for) is the individual whose qualified college expenses can be paid. For more details about the Direct Plan's tax benefits, refer to the Disclosure Booklet and Tuition Savings Agreement. Withdrawal from your NC 529 Plan Account, you may request that those funds be redeposited into the same Account to avoid certain tax consequences and penalties, as long as you meet the IRS requirements. Report any taxable 529 plan withdrawals. 3,4 Plus, Ohio taxpayers can deduct their contributions to a CollegeAdvantage Direct 529 Plan from their state income taxes up to $4,000 per beneficiary, per year, with unlimited carry forward. If you’re using 529 plan funds to pay student loan debt, there is a lifetime withdrawal limit of $10,000. Step 3: Decide which 529 plan. In one change, the legislation allows certain amounts withdrawn from a 529 account to be redeposited to a beneficiary’s account without penalty or inclusion as a nonqualified distribution if it has been refunded by the educational institution. The redeposit cannot exceed the amount of the original payout. However, make sure to use your withdrawals. For Schwab Bank, Schwab Global Account, 529 Plan and other forms and applications not listed here, view. Or you can mail us a a completed Withdrawal Request Form. For example, if you lose your job but expect to be working again soon, you can take a withdrawal and then redeposit up to $14,000 in one year without incurring a. For this and other information on any 529 college savings plan managed by Fidelity, contact Fidelity for a free Fact Kit, or view. So in most cases, this will result in a $4,000 reduction to your 529 expenses. As the account owner of the Bright Start 529 account you control the account and determine when and where funds are paid. For example, Kansas taxpayers receive an annual adjusted gross income deduction of up. But you will pay a 10% penalty plus income tax on any of the earnings your fund had over the years. ** I will invest my withdrawal in another Qualifed Tuition Program within the next 60 days. Beginning with the 2009-2010 school year, Dependent Student-owned and UGMA/UTMA-owned 529 accounts are no longer excluded from the Free Application for Federal Student Aid (FAFSA) but are instead to be reported as parental assets. The majority of plans offer two options – you can make an ACH deposit to your bank account, or have a check printed and mailed. That means that you cannot use more than $9,800 per year from your 529 plan to be “qualified”. Log on to your account. Qualified Expenses. Request a withdrawal from your Invest529 and/or CollegeWealth account. R. To process a request online, log on to your account, choose Go to my 529 plan account, and then select Withdrawal. OUR APPROACH. My daughters received the refunds and deposited them, and my plan was to do the same- reduce the 529 withdrawal in 2020 by the amount of the refund. Withdraw Funds Only for Qualified Expenses. This scenario may appear that. If the beneficiary earns a full scholarship, the government waives the penalty. Share. Those who received refunds after May 15 th have 60 days from the date of the refund. And—before you request that withdrawal—here are some tips to help you avoid some. Starting January 1, 2018, this definition is expanded to include up to $10,000 in K-12 tuition expenses per beneficiary per year. Fidelity manages plans for four states. Withdraw Funds Only for Qualified Expenses. SECTION 1 | Account Information Account Owner Name Account Number(s) Phone Number Email Address If the money is put back in with in 60 days, and no other rollovers in 12 months, this may be treated as a rollover with mot taxes or penalty due. 1. 1 DO NOT STAPLE ES_OKD_WD_060223 — Page 1 of 5 • For faster processing, you can request a withdrawal online at oklahoma529. Funds must be used within 120 days, and there is a pre-tax lifetime limit of $10,000. Planning LIFE MOMENTS. Roll the funds into another 529 plan. Families receiving refunds from colleges can redeposit money to 529 plans April 24, 2020 TIM GRANT Pittsburgh Post-Gazette [email protected]. I. A 529 plan is an investment account that offers tax benefits when used to pay for qualified education expenses for a designated beneficiary. Complete this form to transfer an existing 529 plan into your Iowa Advisor 529 Plan account or to redeposit funds into your Iowa Advisor 529 Plan account within 60 days of distribution from any 529 plan. Pay The Taxes But Avoid The Penalty. Fair enough. A 529 savings plan is designed for the longer term. Ohio’s 529 Plan, CollegeAdvantage, like other 529 accounts, benefits from specific tax advantages, including tax-free withdrawals for qualified higher education expenses. The amount of your service credit redeposit will be the cost of your withdrawal plus interest, compounded annually through the end of the current pay period. Under a special rule for 529 plans, you can elect to treat a contribution up to. Making smart withdrawals from 529 college savings plans can be a lot harder than putting money into them. For more details about the Direct Plan's tax benefits, refer to the Disclosure Booklet and Tuition Savings Agreement. Use this process to open a Vanguard® 529 College Savings Plan account. The earnings portion of a nonqualified withdrawal is subject to federal income tax and—for Utah residents—Utah state income tax. Bookmark Icon. Designating the distributee. Price at NAV $49. Dividend Payment Form (Non-Retirement Accounts) PDF. The system will then navigate you through the process. Learn about the tax consequences if 529 funds are used for an unqualified expense, what the exceptions to the penalty are, and how to redeposit 529. You can instruct my529 to mail a check to you, your beneficiary, the school where your beneficiary is enrolled, to another 529 college savings plan, or to an ABLE account. 5. Check with your state for specific tax benefits. Do not staple. ; The earnings portion of a nonqualified withdrawal is also subject to an additional 10 percent federal tax penalty, except in limited circumstances—a beneficiary’s death,. The NC 529 Plan is a tax-advantaged saving and investment program that allows users to prepare for education expenses including college expenses and K-12 tuition. a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. The CARES Act allows the Federal Retirement Thrift Investment Board (FRTIB) to create special withdrawal rules for Thrift Savings Plan (TSP) participants affected by COVID-19. Using a 529 plan to cover college costs can be a great way to minimize the need for student loans. The other option is the Print and Fill. A 2017 law allows parents to withdraw up to $10,000 per year tax-free from a 529 plan for primary and secondary education tuition at private schools without incurring the typical penalty. CollegeAmerica and ABLEAmerica are sponsored by Virginia529℠ . This includes expanding the categories of individuals eligible. Again, your earnings will not incur federal taxes as long as your payments go towards tuition. e. Forms. Press Control-F11 to adjust the website to the visually impaired who are using a screen reader; Press Control-F10. You can withdraw. Automatically deduct money from your paycheck and deposit it into a CollegeBound 529 account (if your employer offers payroll deduction), or change your existing deduction. So, you usually don't have to use all your tuition for the 529. You don’t lose all or even most of your savings. 0 1,795 Reply. State Tax Deduction — Deduct your contributions from your taxable income. Valid for 2017 personal income tax return only. When you’re ready to use your funds, qualified withdrawals are tax-free. Saving for College. With over $60 billion in assets under management and 2. 529 withdrawal penalties for non-qualified distributions. If funds are withdrawn for a purpose other than qualified higher education expenses, the earnings. Section 126. Keep in mind, however, that a 529 plan beneficiary is only allowed one tax-free rollover in a 12-month period. 3. 6 tips for making qualified withdrawals from your 529. Simply follow these steps. Any COVID-related withdrawals made in 2020, though, are penalty-free. 2001 memo confirmed that they did not reduce the qualified and related expenses for the purpose of. Re: 529 Accidental Withdrawl query. Contributions. 38. The 60-Day Grace Period for Withdrawals From Retirement Accounts 2. As the account. You can choose to save through a Fifth Third 529 Savings Account or a Fifth Third 529. Now this year, Accidentally withdrew $747. Account Information Most states set a December 31 deadline, but Georgia, Mississippi, Oklahoma, Oregon, South Carolina and Wisconsin give you until April 15, 2019 (and Iowa gives you until May 1, 2019) to make tax. Answer: Generally, if you withdraw money from a 529 for anything other than eligible college expenses, the earnings portion of each withdrawal will be subject to income taxes and a 10% early. Your adjusted expenses are $8,000—which means you don’t have to report any education program distributions on your tax return. The Path2College 529 Plan is offered by the State of Georgia, with TIAA-CREF Tuition Financing, Inc. The lifetime cap for funds moved from a 529 plan to a Roth IRA is $35,000 per beneficiary. Take the Money – and the Penalties. Notice 2018-58, 2018-33 IRB; IR 2018-156, 7/30/2018. You can also withdraw up to $10,000 tax-free in your lifetime to pay debt. To process a request online: Log on to your account. Treat the Coverdell withdrawal as a tax-free "qualified distribution" on the beneficiary's income tax return. Taking money out of your 529 plan account won't be difficult. January 2016. 1 Up to $10,000 annually can be used toward K-12 tuition (per student). An acknowledgement that you’re making a 529 recontribution following the IRS’s guidance ( Notice 2020-23 ). A primary focus of CSF is building public awareness of and providing public policy support for 529 plans – an increasingly vital college-savings vehicle. I was past the 60 days to redeposit when I first read about this in Kiplinger magazine, and my daughter already deposited the funds. Just log on to your account and request a withdrawal. enroll now. A 529 account is a state-sponsored way to help you save for your kid's college. 7 trillion spending bill passed last week is a nugget of good news for Americans with unused funds in their 529 plans that help families save for college. Are there any restrictions or things I should be aware of when it. Was this withdrawal an RMD for 2020 > No. “Frontloading” is an exception to the Gift Tax limitation that is unique to 529 plans. NC 529 Accounts can be used to invest for your child, your grandchild, yourself, or any other future student. Or you can mail the Plan a completed Withdrawal. A distribution from a pre-tax IRA account is typically subject to a 10% early withdrawal penalty if taken before 59 ½. Once you’ve decided on where to send your 529 funds, the next step is to select the type of payment. Again, your earnings will not incur federal taxes as long as your payments go towards tuition. Virginia529 has posted the Form 1099-Q to online accounts and physical. If you fill out a paper form for a withdrawal of $10,000 or more, the form must be notarized. Because of the way financial aid is determined, it’s generally best if the beneficiary’s parents own the account. However, 529 plans can only be used for qualified education expenses. Finances After 40. Your Bright Start account is flexible and can be used at eligible. Enter the date and withdrawal amount. This investment account allows you to grow the account tax-free and withdraw funds tax-free when used for qualified education expenses. From My Accounts, choose the appropriate account to act on. 529. The cost of certain apprenticeship program expenses is another QEE. Any redeposit beyond that time frame counts as an unqualified withdrawal and triggers potential tax consequences. Expenses for fees, books, supplies, and equipment required. • For withdrawals made payable to the account owner, the 1099-Q is sent to the account owner. -The student writes a check to the school to cover all billed expenses. 6 tips for making qualified withdrawals from your 529. The ScholarShare. 529 withdrawals are tax-free to the extent your child (or other account beneficiary) incurs qualified education expenses (QHEE) during. Amount rolled over to another (or back to the same) retirement account – Enter redeposit amount. Taking too much money 529 withdrawals are tax-free to the extent your child (or other account beneficiary)Simply put, withdrawals from 529 Plan accounts can be tax-free when the money is used to pay for Qualified Education Expenses, or QEEs, as specified in IRS Publication 970. You should take 529 plan distributions during the same calendar year that you pay for the qualified expenses. Invest529, Virginia's direct-sold college savings plan is available to residents of any state, and offers low fees, diverse investment options and tax benefits for residents. In rare circumstances, there may be other instances in which a non-qualified withdrawal is permitted. How a 529 Plan Works. com. The U. For 529 plans, there is an “owner” (usually the parent), and a “beneficiary” (usually the student dependent). Be mindful of double dipping. I have this situation with 2 children and 2 529 plans. You (the grandparent). For those who are under 59. Join Upromise for free today: Earn $5. Learn about 529 qualified expenses to avoid those penalties. Withdrawal for a Qualifed Education Loan Repayment to the Account Owner. The SECURE Act of 2019 expanded tax-free 529 plan withdrawals to include registered apprenticeship program expenses and up to $10,000 in student loan debt repayment for both account beneficiaries. 10% tax. New York offers a similar state income tax benefit for 529 plan contributions, but the benefit is only available if the contribution is made by. Our portal allows withdrawals payable directly to your college/university or to the Account Owner or Beneficiary with proceeds sent by check or to your bank information on file. Note: You can also request most withdrawals by telephone. However, earnings on the 529 funds are still subject to income tax even in these cases. There is a $50. Footnotes. – 6 p. Request a full or partial withdrawal from your Vanguard® 529 College Savings Plan. S. Select one of the following: Yes. If you choose to transfer your money electronically to another account, such as a checking or savings account, your withdrawal should process within 1 to 3 business days if you submit your request by 4 p.