Withdrawing funds from your my529 account

As you enjoy your summer, thoughts of school may be a fading memory.

Soon, though, your child will be off to college or a technical school, and you may be ready to access your my529 funds to pay for qualified higher education expenses.

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. Withdrawals should occur in the same tax year that the expenses were incurred

Withdrawing is a simple process.

  1. Choose whether it is a partial or full-balance withdrawal.
  2. Select who will receive the funds—the account owner, the beneficiary or the eligible educational institution directly.
  3. Indicate if it is a qualified or nonqualified withdrawal.
  4. Make the withdrawal request.

What is a qualified higher education expense?

  • Tuition, fees, books and supplies
  • A computer, peripheral equipment, software, internet access, and related services when used by the beneficiary while enrolled at an eligible educational institution
  • Room and board for students enrolled at least half time
  • Expenses incurred by a student with special needs in connection with enrollment or attendance
  • K-12 tuition expenses at a public, private, or religious school up to $10,000 per calendar year, per beneficiary from all 529 accounts

See more in the Program Description.