How to make account withdrawals
Graduations have come and gone, and summer is here. Before you know it, your high school graduate will be off to college, and you may be ready to withdraw your my529 funds to pay for qualified higher education expenses.
But just what is considered a qualified higher education expense? Tuition, mandatory fees, textbooks, supplies and equipment (including computers), and certain room and board costs can all be covered with funds from your my529 account.
Withdrawing funds is easy and can be done either online through Account Access at my529.org or by mailing/faxing a Withdrawal Request (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 beneficiary, or the eligible educational institution directly.
- Determine if it is a qualified or nonqualified withdrawal.
Note regarding K-12 tuition withdrawals
my529 funds can be used for kindergarten through 12th grade (K-12) tuition expenses at a public, private, or religious school. Withdrawals for K-12 tuition expenses cannot exceed a total of $10,000 per year per beneficiary from all 529 accounts (regardless of who owns the account).
my529 distributes withdrawals to pay for K-12 tuition expenses only to the account owner.