How to Make Account Withdrawals
If your high school graduate will be off to college in the fall, you may want to know how to withdraw funds from your Utah Educational Savings Plan account to pay for college expenses. Funds can be withdrawn either online through Account Access at my529.org or by mailing/faxing a Withdrawal Request form (form 300) to our offices.
Either way, it is a simple process.
- Choose whether it is a partial or full balance withdrawal.
- Select who will receive the funds—the account owner, the student, or the eligible educational institution directly.
- Determine if it is a qualified or nonqualified withdrawal. Qualified expenses include items like computers, tuition and mandatory fees, books, supplies, and equipment required for enrollment. Examples of nonqualified expenses are transportation to and from the school, or other expenses not considered a requirement by the educational institution. Nonqualified withdrawals could trigger tax penalties.
Only the account owner may request the withdrawal.
NOTE: Please read UESP’s Program Description for complete details about withdrawals, including potential tax consequences. Consult your tax advisor with any questions about how a withdrawal may affect your financial situation. If you do not have a copy of the Program Description, download it at my529.org or request one by calling UESP toll-free at 800-418-2551.